Carel records positive first quarter

CEO of Carel Industries, Francesco Nalini has announced that the company’s board of directors has approved Carel’s consolidated results as of March 31, 2023, which recorded an increase of 24.8 per cent.

“Carel’s 50th anniversary year, 2023, opens with double-digit percentage organic revenue growth for the ninth consecutive quarter,” says Nalini.

“This was due to the excellent balance of the group’s business portfolio and the confirmation of its ability to excellently manage a still-challenging supply chain scenario, especially in the first weeks of the year, which did not allow us to reach our full potential.”

Against organic growth of 11.3 per cent (and 24.8 per cent with the contribution of newly acquired companies), profitability has continued.

“This trend was partially offset by operating leverage and the unfolding effects of certain price reviews implemented between 2021 and 2022,” says Nalini.

According to Nalini, part of this growth can be attributed to the results of the intense M&A activity carried out in recent years, activity that continued in the first quarter of 2023 with the acquisition of long-standing business partner, New Zealand distributor and system integrator Eurotec, with the aim of better local presence in both the refrigeration and air-conditioning sectors.

This was accompanied by the opening of several work-streams for the financial, digital and operational integration of the four companies acquired during 2022: Sauber, Arion, Klingenburg, and Senva.

“Shifting our focus to the future, the Group looks forward with confidence and optimism to the coming quarters, which present significant opportunities accompanied by just as many challenges,” says Nalini. “To seize the former and tackle the latter, it will leverage what has always been its main asset: the enthusiasm and commitment of the people who give their best in the company every day.”

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