Haier has revealed its ambitious strategy to achieve further growth in the UK and Ireland.
Under the theme ‘dream, believe, achieve,’ the brand – which is also the parent company of Candy and Hoover – used its annual 1 Vision Conference to reveal its worldwide growth to date and outline its aims and objectives to become ‘the UK’s supplier of choice’.a market share of 17% worldwide with a worldwide turnover of 32 billion. Every 1 in five fridges, wine coolers, washers, dryers are a Haier made
Category Archives: Financial
Made in Italy
Manufacture of electrical appliances and non-electrical household appliances in Italy” was weak, with turnover falling by 0.7% between April and May and by 1.9% over the year.
Samsung’s slowdown continues
Samsung Electronics has made public its forecasts for the second quarter of 2023. The resilience of large household appliances can do nothing compared to the weakness in demand for smartphones and above all for chips.
Compared to the previous quarter, the decline is only 6% in sales and 6.4% in profits
In the April-June period, the Korean giant estimates that it had a turnover of 60 thousand billion won (42 billion euros) with a very small profit (1%) of 600 billion won. In the corresponding period of 2022, Samsung Electronics had a turnover of 77,200 billion won (54 billion euros) with a profit of 14 trillion won (almost 10 billion euros). As a result, sales fell 22% year over year and profits fell 95
Hairer investment India
Haier India has invested Rs 400 crore for the expansion of its Greater Noida plant.
The phase II expansion of the plant is scheduled to begin this month and will be completed by November 2024. The company will add 44,890 sq m to the 3,05,726 sq m plant.
Haier India can currently produce one million air-conditioners, 1.5 million washing machines, and 3 million refrigerators annually at its plants in Greater Noida and Pune.
“With enhanced manufacturing capabilities and increased backward integration, we are confident in our ability to deliver exceptional products
the phase one expansion of the Greater Noida plant, the company had invested Rs 1,600 crore to create a manufacturing unit for air-conditioners, washing machines, and refrigerators.
Haier India also targets Rs 10,000 crore turnover by the end of 2024. BusinessLine had earlier reported that the targeted turnover is in line with the expected revenue growth of 40 per cent and 30 per cent in 2023 and 2024, respectively.
Glen Dimplex profit increase
The main business of Glen Dimplex, the Irish-headquartered heating, cooling and appliance giant, nearly quadrupled its profits last year as the company substantially concluded a period of restructuring.
Newly filed accounts for Glen Dimplex European Holdings, which makes up about 60pc of group operations, showed the business made a profit of €42.8m in the year to September 30, 2022, up from just €11m in the previous year.
Glen Dimplex increased turnover by just 4pc in the period to €944m, with growth coming mainly from the group’s energy efficient heating and ventilation products, which are in high demand in the EU because of public policy initiatives.
“Encouragingly, the strong profit growth experienced in the 2021/22 financial year has continued into the early part of the 2022/23 financial year and the outlook remains positive driven by strong underlying demand trends, a supportive policy environment and fiscal supports for end users,” the accounts stated.The company, which is owned by the Louth-based Naughton family, has been undergoing a transformation in recent years to focus more on sustainability and the electrification of energy, increasingly via smart tech.The firm sold the well-known consumer appliance business Morphy Richards to long-term Chinese manufacturing partner Xinbao for €185m. Glen Dimplex retained the rights to distribute the brand in Ireland, New Zealand and Australia for 10 years as part of the deal.The shift has seen Glen Dimplex become very busy in terms of mergers, acquisitions and disposals, with the company an active buyer of heating and ventilation businesses
Currys & Frasers
Currys boss Alex Baldock has warned price increases are set to continue as the electricals retailer looks to safeguard its profit margin.Discussions about a possible tie-up with shareholder Frasers, which widened its stake in the business to 10.4% last week.“This is a potentially interesting partnership,” he said, “There are a number of avenues that we’re exploring.”
Bulgaria Antitrust fines Miele for RPM
Bulgaria’s antitrust watchdog has ordered the local subsidiary of German domestic appliance maker Miele to pay a €820,000 fine for breaching resale price maintenance laws
Currys results
This morning Currys PLC have announced Full Year results for FY22/23, with group adjusted profit at the top end of guidance. Alex Baldock, Group CEO: “We’ve had a very mixed year. Our strengthening UK&I performance shows our long-term strategy is working well. But our long track record of success in the Nordics was brought to an abrupt halt. I’m proud of how our colleagues rose to this challenge, continuing to bring the benefits of technology within easy reach of millions of customers. Our long-term confidence is undimmed, with a business well set to benefit from an eventual macro recovery.”
Strix AGM
Strix Group Plc , the AIM quoted global leader in the design, manufacture and supply of kettle safety controls and other complementary water temperature management components, provides an update ahead of its Annual General Meeting
At the meeting, Mark Bartlett, Chief Executive Officer of Strix, will make the following statement:
We are pleased to report an improved trading performance and can confirm that profit after tax for the full year remains in line with market expectations*.
“At our full year results, we highlighted that, following a period of uncertainty across a number of Strix’s key export markets, sales data in 2023 indicated some green shoots were appearing. I can report that this trend has continued with Group performance in Q2 improving versus Q1. We are continuing to receive increased frequency of orders from customers, albeit with smaller quantities as they manage their cash balances prudently.
“We also continue to make successful progress on the integration of Billi which is in line and remains on track with our plan for the full year. This is another step that will propel Strix into a new growth phase, further diversifying away from the core Kettle Controls business.
Alongside this, we are continuing to implement a range of strategic initiatives across the business which include a functional streamlining programme to minimise the impact of the ongoing headwinds Strix is facing.
We will prioritise debt reduction with a clear plan to get net debt / EBITDA to below 2.0x during 2023 and to below 1.5x during 2024. As capital allocation decisions prioritise this, the Board, as previously announced, has decided after reviewing the level of net debt to propose a final dividend of 3.25p per share which would represent a total dividend of 6.00p per share.”
Current profit after tax consensus for year ended 31 December 2023 is £25.8m
Groupe SEB announces the acquisition of FORGE ADOUR
Groupe SEB announces the acquisition of FORGE ADOUR and becomes a european leader in planchas Established in 1978, FORGE ADOUR is a French family-owned company that specializes in the design, manufacture and marketing of planchas, accessories and outdoor kitchens for the Consumer market. With a presence mainly in France, the iconic Basque brand which this year celebrates its 45th anniversary 🎂, has also gained a foothold in Spain 🇪🇸, Germany 🇩🇪, Switzerland 🇨🇭 and the Benelux region in recent years, opening up opportunities for business development. ” 𝘪𝘵𝘪𝘰𝘯 𝘰𝘧 𝘍𝘖𝘙𝘎𝘌 𝘈𝘋𝘖𝘜𝘙 𝘸𝘩𝘪𝘤𝘩 𝘦𝘯𝘢𝘣𝘭𝘦𝘴 𝘎𝘳𝘰𝘶𝘱𝘦 𝘚𝘌𝘉 𝘵𝘰 𝘣𝘦𝘤𝘰𝘮𝘦 𝘢 𝘌𝘶𝘳𝘰𝘱𝘦𝘢𝘯 𝘭𝘦𝘢 𝘦𝘳 𝘪𝘯 𝘱𝘭𝘢𝘯𝘤𝘩𝘢𝘴, 𝘢𝘴 𝘸𝘦𝘭𝘭 𝘢𝘴 𝘵𝘰 𝘦𝘹𝘱𝘢𝘯𝘥 𝘪𝘵𝘴 𝘳𝘢𝘯𝘨𝘦 𝘰𝘧 𝘰𝘶𝘵𝘥𝘰𝘰𝘳 𝘱𝘳𝘰𝘥𝘶𝘤𝘵𝘴 𝘢𝘯𝘥 𝘢 𝘤𝘤𝘦𝘴𝘴 𝘯𝘦𝘸 𝘥𝘪𝘴𝘵𝘳𝘪𝘣𝘶𝘵𝘪𝘰𝘯 𝘤𝘩𝘢𝘯𝘯𝘦𝘭𝘴. 𝘈 𝘮𝘶𝘴𝘵-𝘩𝘢𝘷𝘦 𝘴𝘶𝘮𝘮𝘦𝘳 𝘤𝘰𝘰𝘬𝘪𝘯𝘨 𝘢𝘱𝘱𝘭𝘪𝘢𝘯𝘤𝘦, 𝘱𝘭𝘢𝘯𝘤𝘩𝘢𝘴 𝘳𝘦𝘱𝘳𝘦𝘴𝘦𝘯𝘵 𝘢 𝘣𝘶𝘰𝘺𝘢𝘯𝘵 𝘮𝘢𝘳𝘬𝘦𝘵. 𝘔𝘰𝘳𝘦𝘰𝘷𝘦𝘳, 𝘍𝘖𝘙𝘎𝘌 𝘈𝘋𝘖𝘜𝘙 𝘱𝘳𝘰𝘥𝘶𝘤𝘵𝘴 𝘸𝘪𝘭 𝘭 𝘤𝘰𝘮𝘱𝘭𝘦𝘮𝘦𝘯𝘵 𝘵𝘩𝘦 𝘴𝘵𝘢𝘪𝘯𝘭𝘦𝘴𝘴 𝘴𝘵𝘦𝘦𝘭 𝘭𝘢𝘯𝘤𝘩𝘢 𝘰𝘧𝘧𝘦𝘳 𝘰𝘧 𝘵𝘩𝘦 𝘉𝘳𝘦𝘵𝘰𝘯 𝘣𝘳𝘢𝘯𝘥, 𝘒𝘙 𝘈𝘔𝘗𝘖𝘜𝘡, 𝘸𝘩𝘪𝘤𝘩 𝘎𝘳𝘰𝘶𝘱𝘦 𝘚𝘌𝘉 𝘢𝘤𝘲𝘶𝘪𝘳𝘦𝘥 i𝘯 2019
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