Carel doubles turnover in just three years

Carel Industries has reported revenue growth of more than 26 per cent in the first half of 2023.

Carel CEO Francesco Nalini says he is proud to emphasise not only that the quarter represents the 10th consecutive quarter in which the group has recorded double-digit percentage organic revenue growth, but that the revenues achieved as of June 30 are substantially comparable to those of the entire year 2020 (in turn up on the previous year), representing a doubling of turnover in just three 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 merger and acquisitions (M&A) transactions carried out since its listing,” says Nalini.

“And if we include the contribution from the newly acquired companies, revenue growth to June 30 exceeded 26 per cent.”

Shifting the focus to the future, Nalini says the group, founded in 1973, looks forward with confidence and optimism to the coming quarters, which are expected to be particularly challenging because of the deterioration of the international macroeconomic scenario marked by a still significant inflationary pressure and the restrictive monetary policy pursued mainly by the Federal Reserve and the European Central Bank.

“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 for Carel to acquire 82.4 per cent of its share capital.”