The Seville-based company Hispacold saw its turnover increase 28.6% to €46.3 million in 2021, compared to €36 million the previous year, thanks mainly to growth in its railway market and in the electromobility segment (e-bus). With this growth, Hispacold has now returned to its pre-pandemic revenue levels.

In addition to the growth of its rail division, Hispacold has increased its customer base in the bus and coach segment, thanks to its efforts in the last three years, which includes companies such as Alexander Dennis, Alstom-Aptis, and Volvo Polska. The company has also continued to regularly supply air conditioning systems to its more established European customers — Irizar, Van Hool, Iveco, MAN Turkey — as well as to customers on other continents, such as Scania Australia and the Irizar Group’s international plants.

From 2014 until the outbreak of the Covid-19 pandemic, Hispacold had been showing sustained growth, reaching its highest point in 2019 with  turnover of €46.8 million, 20% more than the previous year. After a sharp market downturn in 2020, the company returned to its pre-Covid numbers in 2021 with turnover of €46.3 million. In 2022, the company expects to see turnover of over €50 million, which would be a new all-time record in a time of difficult economic conditions.

Good outlook for the railway division in the next few years

Hispacold's order book for railway HVAC systems has shown very positive development since 2019, growing by around 40% each year. The orders for railway air-conditioning systems received in 2021, plus the projects in the pipeline planned for 2022, guarantee a significant workload for the coming years, as well as a level of  turnover for the railway division never before seen by the company.

In 2022 Hispacold expects to close orders worth €38.5 million in the railway sector, which, in addition to the current backlog, would be a new turning point in the railway business.

Future expansion plans

Having operated in the Mexican market for more than two decades, Hispacold also intends to increase its presence in North America as its customer base (Irizar, ADL and Van Hool) expands in that market: Irizar with coaches, ADL with 12-meter double-decker buses, and Van Hool with buses and a new discretionary coach. Other strategic markets for the company's expansion in the coming years are South America, Australia and Turkey.