1Q 2021: the highest revenue increase in the last 10 years

The CAREL INDUSTRIES Board of Directors has approved the consolidated results as of 31 March 2021, with consolidated revenues showing strong growth compared to  the same period of 2020.

Francesco Nalini, Group Chief Executive Officer, stated: “The key event of the first quarter of the year was the launch of the global COVID-19 vaccine campaign, which restored optimism by enabling a strong economic recovery, particularly in certain regions including China (Q1 2021 GDP +18.3%) and the US (Q1 2021 GDP +6.4%). In this scenario, CAREL has managed to seize significant business opportunities thanks to the consistent and continuous implementation of its strategic mainstays: customer focus, production resiliency and constant innovation. This accelerated performance in the sectors that had already seen an improvement in the second half of 2020, together with a strong recovery in those that had suffered most during the pandemic: industrial air conditioning and food service refrigeration. This resulted in the highest revenue increase in the last 10 years amounting to +26.9% at constant exchange rates, which was then reflected in an increase in EBITDA of over 50% and in profit of over 75%. The extent of these results remains largely unchanged when compared to the 2019 numbers, which were not impacted by the pandemic. However, as is always the case with CAREL, these performances are not a point of arrival but of departure, and they give us even greater enthusiasm for tackling the challenges that 2021 will bring, not least the ongoing pandemic and the shortage of raw materials that is affecting the world economy.”