Carel Industries

Carel sees a quarter of growth

Carel Industries has reported almost a quarter of growth in 2023 compared to 2022. The Board released the third quarter results recently, and consolidated revenue came to €497.2 mil (approximately AU$833 mil) – an increase of 24 per cent.

Carel CEO Francesco Nalini says the result is particularly positive.

The same period in 2022 saw an organic growth rate of over 20 per cent. Nalini believes high inflation, along with regulatory uncertainties are affecting the short-term growth trends of some of the applications such as commercial refrigeration and heat pumps.

“The contribution of the newly acquired companies to total revenues was more than €50 million (approximately AU$84 mil),” he says.

“Also very positive was the trend in profitability, as measured by adjusted EBITDA margin, which stood at about 22.7 per cent, thus increasing both compared to the first nine months of 2022 (21.9 per cent) and to the first half of this year (22.1 per cent).”

Nalini attributes the growth to the unfolding of the operating leverage phenomenon, an improved product mix, and the contribution of price reviews carried out in order to offset inflation on raw materials.

Having celebrated its 50th anniversary earlier this year, the company is now shifting its focus to the future.

“The Group will proceed with conviction and enthusiasm to implement its strategy, aimed at capturing the structural medium to long-term growth trends in most applications in which it operates,” says Nalini.

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