Consolidated results by CAREL

The Board of Directors of CAREL Industries S.p.A. has approved the results as of 30 June 2023.

Francesco Nalini, CEO of the Group, commented: "In the first half of 2023, Carel reported organic revenue growth of 13.1% (13.9% if we exclude the negative exchange rate effect), thus reaching the upper end of the guidance communicated in May. It is also with great pride that I emphasise not only that the quarter just ended represents the tenth consecutive quarter in which the Group has recorded double-digit percentage organic revenue growth, but that the revenues achieved as at 30 June are substantially comparable to those of the entire year 2020 (in turn up on the previous year), thus representing a doubling of turnover in just 3 years. The consistency of said performances, achieved in the presence of often diverse scenarios characterised by sudden changes, confirms the resilience of the company's business model, based on a continuous process of internationalisation and expansion into adjacent market niches, also thanks to the 11 M&A transactions carried out since its listing. And in fact, if we include the contribution from the newly acquired companies, revenue growth to 30 June exceeded 26%.

Also positive was the trend in profitability, understood as EBITDA Margin, which stood at about 22.0%, thus increasing both compared to the first half of 2022 (21.5%) and to the first quarter of this year (20.8%). This was mainly due to the unfolding of the phenomenon of operating leverage and the contribution of certain price reviews carried out in recent years, which made it possible to counterbalance the inflationary phenomenon on raw materials.

Shifting the focus to the future, the Group looks forward with confidence and optimism to the coming quarters, which are expected to be particularly challenging due to the deterioration of the international macroeconomic scenario marked by a still significant inflationary pressure and the restrictive monetary policy pursued mainly by the FED and the ECB. We will continue to work with the same enthusiasm as always, keeping technological innovation at the heart of our development strategy, helped in this by our partnership with Kiona, a leading Norwegian company in the provision of software solutions for optimising energy consumption and digitalising refrigeration systems and buildings, with which a binding agreement was signed a few days ago for CAREL to acquire 82.4% of its share capital."

Read More