International. The Board of Directors of the CAREL Group approved the consolidated results as of June 30, 2019: consolidated revenues of € 166.9 million, representing a growth of 20.3% compared to the first six months of 2018.
Based on the same scope of consolidation, growth reached 7.3%, with revenues of €148.9 million. In addition, consolidated EBITDA of €33.7 million (20.2% of revenue in the period), +39.4% compared to the first half of 2018. Consolidated net profit was €19 million, +21.7% compared to the same period in 2018, and negative consolidated net financial position of €76.1 million.
Francesco Nalini, CEO of the CAREL Group, commented: "Revenues recorded in the first six months of 2019 reflect an increase of 20.3% over the same period in 2018 with an acceleration compared to the first quarter of this year, which reported a growth of 19.5%. All geographical areas and the consolidation of the two companies acquired last December (Hygromatik and Recuperator) have contributed to these results; profitability also improved compared to the first quarter of the year: the EBITDA margin grew from 19.6% in the first three months to 20.2% as of June 30, thanks mainly to the effect of structural operability. The results obtained are especially important given the presence of an unfavorable global economic scenario and demonstrate the resilience and solidity of CAREL's business portfolio."
The company explained that this performance, an acceleration from revenue in the first quarter of the year, benefited from a favorable trend in all geographic areas (EMEA, APAC, South and North America) and in all segments (HVAC and Refrigeration), thanks to the combination of cross-selling and sales initiatives with existing customers, based on the continuous technological progress of the solutions offered by the Group and thanks to the activities of the sales team looking for our business opportunities.
This increased thanks to the contribution of Hygromatik and Recuperator, the two companies acquired in December 2018, which amounted to approximately €18.1 million. The positive change effect was limited to around €1.4 million.
The geographical area that has registered the highest growth has been North America, overcoming the logistical problems of the first quarter due to the saturation of the production plant located in Pennsylvania.
