Cary Group Reports Strong Organic Growth and European Expansion
Cary Group has reported a 53% increase in net revenue for the fourth quarter of 2021, reaching SEK 532 million. The company also announced new acquisitions in Germany and Portugal, furthering its European expansion.
Cary Group, a provider of vehicle glass repair and replacement services, announced significant growth and expansion initiatives. For the fourth quarter of 2021, the company's net revenue rose by 53% to SEK 532 million, up from SEK 349 million in the same period last year.
Full-year 2021 revenue reached SEK 2,141 million, a 30% increase compared to SEK 1,651 million in 2020. Despite pandemic-related impacts such as lockdowns in Norway and the UK, Cary Group achieved 6% organic growth for the year.
The company is expanding its European footprint through two platform acquisitions. In Germany, Cary Group acquired Zentrale Autoglas, a specialist in bus glass repair and replacement. In Portugal, the acquisition of ExpressGlass strengthens its presence on the Iberian Peninsula.
Additionally, Cary Group completed an add-on acquisition in Norway, MPS Bilskade, which expands its services in vehicle damage repair and enhances its workshop network in the country. The company reported adjusted EBITA of SEK 36 million for the fourth quarter, compared to SEK 20 million in the prior year.