International. The Board of Directors of the Carel Group approved the consolidated results as of September 30, 2019 with consolidated revenues of €247.7 million, a growth of 18.9% compared to the first nine months of 2018 (+17.9% with constant exchange rates).
The company indicated that excluding the contribution of Hygromatik and Recuperator, growth reached +6.00%, with revenues of €220.9 million (+5.0% with constant exchange rates).
Francesco Nalini, Group CEO, commented: "Revenues recorded in the first nine months of 2019 represent an increase of 18.9% over the same period in 2018, thanks to the organic contribution of all geographical areas and the expansion of the reach of the two companies acquired in December last year, Hygromatik and Recuperator. From a financial point of view, the performance was positive, with cash absorbed by the reduction in net capital compared to the first half of the year. These results are even more significant given the unfavourable overall economic scenario and evidence of the strength and good balance sheet of the Group's business portfolio. n it is important to underline Carel's ability to achieve its strategic objectives quickly and effectively. During the summer, the two-year expansion plan of the company's production footprint was completed. Thanks to this, we will be able to complete our development plans focused on innovation in the energy efficiency service and in environmental sustainability".
Carel indicated that all geographic areas and all segments have contributed to this result. The strategy of diversifying market objectives, the strong push to cross-selling and consolidation of the client portfolio and the continuous updating of the proposed solutions have a positive effect even in the context of an unstable general market.
The geographical area with the highest growth has been North America, with growth of around 20%. EMEA has also achieved double-digit growth, thanks to the contribution of the two companies already mentioned and despite the slowdown in the main economies of the Eurozone. The result in APAC was also positive, a growth of 10%, despite persistent volatility, mainly due to the introduction of tariffs on trade between the US and China. Finally, South America recorded growth of 5%, mainly due to the positive trend in Brazil.
Regarding the business areas, the great growth in HVAC benefited again from the effect of the consolidation of Hygromatik and Recuperator, while the performance recorded in refrigeration is due to their organic growth. Carel assures that during the first nine months of the year, this sector experienced a slowdown in its growth ratio, a consequence of the macroeconomic scenario in Europe, which has shown negative signs during the same period.
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