LG Record Revenue

LG Electronics Records Highest Quarterly Revenue in Company History

The LG Home Appliance & Air Solution Company generated first-quarter sales of Ksh 766.13 billion with an operating profit of Ksh 43.01 billion. Sales increased 18.8 per cent from the same quarter last year, recording the business unit’s highest quarterly revenue. Stable growth was driven largely by strong performance in premium appliances and new categories such as hygiene products applied with steam technology. The appliance business expects to see continued growth by expanding overseas sales in new appliance categories.

Midea Group

Midea Group published the 2021 annual report. Despite the pandemic’s numerous hurdles, we still achieved RMB29 billion in net profit, a YoY increase of 5.5%. The total revenue grew 20.2% in 2021, reaching an all-time high of RMB343.4 billion.

Ultimate Products

Ultimate Products, own a number of leading homeware brands including Beldray and Salter,

In the six months ending on January 31, the company’s revenue increased by 13.7 per cent, or £10.3m, to £85.7m. 

This was due to underlying growth and the acquisition of Salter in July 2021.

The company’s success comes despite the challenges of the pandemic and a global shipping crisis.

Record results for BSH group

BSH Hausgeräte GmbH (BSH) achieved its highest-ever turnover in the 55 years of its existence for the second consecutive year. In the 2021 fiscal year, BSH generated turnover of €15.6 billion, or a year-over-year increase of over 12%.

News of the record results have come at the same time as an announcement by group CEO and Chairwoman, Carla Kriwet, that she would be leaving the company for personal reasons. Her departure on April 30, 2022, was, she said, in order to continue her professional career outside the Bosch Group.

BSH grew its turnover sharply in all regions in the 2021 fiscal year. The manufacturer benefited from global demand for high-quality home appliances, its strong global brand portfolio, and innovative digital services for consumers.

BSH remains the undisputed market leader in the Europe region, growing its turnover by 9% last year. In particular, it recorded good growth in the major Western European markets, such as Germany, the United Kingdom, France, Spain and Italy, as well as Northern Europe and Turkey.

BSH increased its turnover in the Americas (USA and Canada) by a strong 23%.

BSH posted an 18% year-over-year increase in turnover for the Asia-Pacific/Africa region as a whole. BSH was able to grow its turnover by 17% year-over-year in the Chinese market, the largest in the region. BSH remains the leading non-Chinese home appliance manufacturer in China.

The strongest turnover driver in the 2021 fiscal year was the Refrigeration product category, which posted a year-over-year growth of 20%, followed by the product category Cooking (ovens +14%, cooktops and ventilation +13%). Turnover in Laundry Care grew by 9%. Dish Care grew its turnover by 7%. Small appliances (consumer products), such as automatic coffee machines, food processors and vacuum cleaners, also performed positively, growing by 9%.

BSH’s Customer Service, which has won multiple awards, likewise increased its turnover by 4% year-over-year. The approximately 15,000 BSH customer service staff and their service partners continued supporting consumers in some 50 countries without interruption in the second year of the coronavirus pandemic.

growing its local development centres in China, Egypt and Mexico, and with its expanded and new production facilities in those regions, BSH is underscoring its aim to place a stronger focus on addressing the specific needs of consumers in different markets. At the same time, regional production reduces transport routes and supply chains, thus making a major contribution to decreasing CO2 emissions.

Research and development spending in 2021 rose by €47m to €755m, or 5% of the total turnover. The focus moving forward will remain on consumer-centric innovations, IoT solutions, digitalisation of the entire value chain, and establishing a functioning circular economy.
BSH’s development and production operations at all its locations worldwide have been carbon-neutral since 2020. Since September 2021, BSH has procured green steel from Salzgitter AG with a 66% lower carbon footprint to manufacture washing machines at its Polish plant in Łódź. In addition, BSH also aims for all of its locations to be completely supplied with green electricity by 2030.

BSH increasingly uses recycled materials to produce new appliances – its target is for the home appliances it makes to contain a minimum of 25% recycled materials by 2025. That percentage is to be at least doubled to 50% by 2030. At the same time, BSH set the goal of increasing the proportion of recyclable materials contained in its appliances to at least 80% by 2025 and at least 95% by 2030.

BSH continues to invest in new business models, such as the “Refurbished” pilot project recently launched in Austria. For the first time, professionally refurbished Bosch washing machines are offered for sale along with a manufacturer’s warranty. In addition, consumers have been able to lease home appliances in Germany and the Netherlands under the subscription model of BlueMovement since 2021. The sharing model WeWash was launched in 2016 and offers residents in large condominiums in Germany and Austria the option of booking a washing machine by app and cashless payment for each washing cycle.


Haier financial reports

Haier Smart Home published its Q1 2022 report, reporting a stable growth and confirming the positive trend reported in the 2021 financial results.

Here are the main highlights:

Globally, the revenue of RMB 60.25 billion in Q1 2022, up 10% year-over-year.

In the European market, we achieved an increase of 16% in revenue compared to the same period last year

Irish smart kitchen firm Fresco raises €18m in new funding round

Irish smart kitchen company Fresco has raised a further $20 million (€18.4 million) and said it will double its workforce in two years as the company continues to develop its connected kitchen platform.

The Dublin-based company, which offers a neutral platform to connect smart kitchen appliances, said the money will be used to double its 60-strong team and allow it to invest in improving its digital platform.

“The smart kitchen is going to be the most important part of the smart home. That’s what this $20 million funding round is going towards,” said Fresco chief executive Ben Harris. “We are a true platform where we are listening to all of our appliance partners, bringing them together as part of this alliance.”

Fresco, which rebranded earlier this month from Drop, was co-founded by Mr Harris, Jack Phelan, Jonny McCauley and Tim Redfern in 2012, and developed its own smart scale. The company then developed a dedicated platform that connects appliance manufacturers, recipe publishers and food stores together.

Its KitchenOS software has been integrated into products by appliance manufacturers such as Bosch, Electrolux, Kenwood, GE Appliances, Thermomix and Panasonic. The “connects with Fresco” brand certifies appliances that can be controlled from smartphones, tablets, smart speakers and smart home assistants, while the app can guide consumers through the cooking process.

It also uses artificial intelligence to pull recipes into the Fresco app from other websites, and highlight the important information for cooks in an easy to follow format.

BSH GROWTH

BSH Group, which achieved the strongest growth since its establishment, reported a total turnover of 15.6 billion euros. BSH, which has seen significant growth in all product categories and all regions, has achieved very strong market growth in Asia and Africa regions. It has also established new factories in Egypt and Mexico and increased investments in local R&D centers in different regions.

Online retailer Marks Electrical reports record revenue

Marks Electrical  says its performance has been helped by strong demand for domestic appliances, such as fridge freezers, washing machines and TVs.

Chief executive officer Mark Smithson – who previously revealed his ambitions of hitting annual sales of £500 million in the next five years – said: “The fourth quarter was another excellent trading period for us, with 19 per cent revenue growth versus a particularly strong comparative of 127 per cent in the prior year.

“Our disciplined focus on margin management, capital allocation and cash generation has also led to a strong returns profile from our asset light operating model.

Vestel expansion in Oceania

Vestel plans to support its rapid expansion in emerging regions, such as Oceania, with a US$180 million investment in increased production capacity.

Identifying Australia and New Zealand as two important emerging high-growth markets, the ODM/OEM technology giant has committed the spend to keep up with demand across all major domestic appliance (MDA) product categories. These include cooking, refrigeration, dishcare and laundry products, which make up most of its current, soon-to-increase MDA production capacity of 13.5 million units..