Currys has raised its profit outlook for 2022-23 after better-than-expected trading in the UK in the final two months of the year.
The electricals retailer had previously lowered its guidance in March due to the weak performance of its Nordics business, but said today it now expected to report a year to April 29 adjusted pre-tax profit of £110 to £120m.
This is ahead of previous guidance of around £104m, but down from the £186m made in 2021-22.
Category Archives: Financial
Midea in numbers
Revenues: $50 billion growth in Q1: profits equal to 8% of revenues and colossal investments in R&D. group presents its 2022 financial statements together with the first quarterly report for 2023. In 2022, the company’s total turnover reached 345, 7 billion Yuan (about US$50 billion), an increase of 0.7% year on year. However, net profit of 29.6 billion yuan (8.6% of revenue) increased by 3.4% over the previous year.
In the first quarter of 2023, Midea increased its revenue by 6.3% and its profit by 12% compared to the same period last year.
Founded in 1968, Midea is not only a leader in the household appliances sector. Its five business segments are smart home, building technology, electromechanics, robotics and automation, and digital innovation. It has spent nearly 50 billion yuan at its 35 R&D centers over the past five years. It has 35 major manufacturing bases around the world.Midea exports 41% of turnover (up in 2022 as domestic market shrinks) and ranks first in China in terms of market share for several product categories both online and offline, including air conditioners, ovens countertop microwaves, countertop ovens, electric stoves, induction cookers, electric kettles, etc. One out of three air conditioners sold in China is made by Midea
Midea Confirms It Has Made Takeover Bid for Sweden’s Electrolux
Midea Group has confirmed a media report that said the Chinese home appliance behemoth has made an initial takeover approach for Swedish competitor Electrolux.
“A deal is being discussed, but no decision has been made yet,” the investor relations department at the Foshan-based company said. A public relations officer at Electrolux China declined to comment.
Midea is exploring the potential acquisition of Electrolux, Bloomberg News reported on April 30, citing people familiar with the matter. The Chinese firm has made a preliminary approach in recent weeks about a possible deal, but Electrolux has not been receptive to the proposal so far, the sources added.
The acquisition would help Midea make up for its weaknesses in the mid-to-high-end markets overseas, an industry insider told Yicai Global.
Regardless of the outcome of Midea’s approach, global home appliance giants are moving production to European and American countries such as Mexico and Türkiye, so Chinese home appliance makers will have to improve their global industrial chain positioning, said Zhou Nan, secretary-general of the home appliances branch of the China Chamber of Commerce for Import and Export of Machinery and Electronic Products.
Midea and Electrolux joined hands in 2016 to bring German kitchen appliance giant AEG to China and acquire the white goods business of Japan’s Toshiba. In 2017, Midea bought its first stake in Kuka and then acquired the remaining 5 percent it did not yet own in the German industrial robot maker last November.
Electrolux owns the Electrolux, AEG, Zanussi, Frigidaire, Eureka, Flymo, and Husqvarna brands. It ranks fourth with around a 10 percent share of the western European market, according to a research report.
The Swedish firm reported a 3.6 drop in operating revenue to USD13.4 billion last year from 2021, with 34.5 percent of the total coming from Europe and 34.9 percent from North America. It turned a SEK4.7 billion (USD462.2 million) net profit into a SEK1.3 billion net loss in the period.
Midea posted CNY343.9 billion (USD49.7 billion) in operating revenue for 2022, up 0.8 percent from the year before, and CNY29.6 billion (USD4.3 billion) in net profit, a 3.4 percent increase.
Hisense Named to Fortune China’s ESG Influential Listing 2023
Hisense, the consumer technology brand and a major international provider of home appliances, has once again been named to Fortune China’s ESG Influential Listing, for its excellent performance in the fields of technology research and development, manufacturing, and supply chain partnerships.
Midea’s Revenue in 2022
In 2022, Midea ranked first in China in terms of market share for several categories of products both online and offline.headquartered in Foshan, Guangdong Province, recently released its 2022 annual report and 2023 quarterly report. In 2022, the company’s total revenue reached CNY 345.7 billion (USD 50 billion), an increase of 0.7% year-on-year, with a net profit of CNY 29.6 billion, 3.4% higher than in the previous year. In the first quarter of 2023, Midea achieved total revenue of CNY 96.6 billion, up 6.3% year-on-year, and achieved net profit attributable to its parent of CNY 8 billion, an increase of 12.0% from the same period last year.
Founded in 1968, Midea is one of the leading companies in the electrical appliance industry. Its five business segments are smart home, building technology, electro-mechanical, robotics & automation, and digital innovation. It has spent nearly CNY 50 billion on research and development in the past five years and provides services to over 400 million users worldwide each year. Up until now, Midea has about 200 subsidiaries, 35 R&D centers and 35 major production bases worldwide, with operations in more than 200 countries and regions.
In the overseas market, which accounts for up to 41% of its overall revenue, Midea’s 2022 overseas sales revenue reached CNY 142.65 billion, up 3.63% year-on-year. Midea ranked first in China in terms of market share for several categories of products both online and offline, including air conditioners, countertop microwaves, countertop ovens, electric heaters, induction cookers, electric kettles, etc. Among them, Midea’s offline share of air conditioners reached 33.7% of the total market share and its online share reached 33.6%.
Based on current industry trends, Tan Xiguang, chairman of Midea, believes that the electrical appliance industry is heading to a more intelligent, more efficient and greener future. In February 2023, Midea was listed among the “2022 Forbes China Top 50 Sustainable Development Industrial Enterprises”. Besides, Midea is increasing investment in R&D, constantly launching innovative products, and cooperating with technology companies to jointly explore new trends in the home appliance industry.
Miele harvests the sun’s power from Gütersloh roofs
Miele further expands self-sufficiency in green electricity. At its headquarters in Gütersloh, the company is currently installing the second-largest roof-top PV array in the town, comprising around 2,400 PV modules. The installation will have a total output of around 900 kWp and will generate more than 750,000 kWh of electricity per year – sufficient to power some 250 households, each with an annual average consumption of 3,000 kWh. Construction work has already commenced, with the facility expected to enter service this year..
Midea Electrolux
Have you heard the news? Recently, Midea Group (China’s largest appliance maker) rumored a proposed a US$3.6 billion acquisition of Electrolux. This might have come as a surprise to some consumers who are more familiar with Electrolux than Midea, but there’s no denying that this is an incredible move by Midea.
Contrary to popular belief, Midea is actually a much larger company than Electrolux – with a market capitalization of US$58 billion. This acquisition will further strengthen their position in the global market and give them access to new technologies and markets around the world.
Pacojet Group Takeover
Groupe SEB announces the acquisition of Pacojet Group, the must-have cooking appliance for chefs Founded in 1992, Pacojet is a Swiss company that has developed a unique emulsifier that can make ice creams 🍨, sorbets, sauces, mousses, fillings, purées and much more in less than 🍨 90 seconds. This revolutionary culinary appliance has been a favorite of chefs for 30 years! Groupe SEB is continuing its growth in the professional market. With the acquisition of Pacojet, Groupe SEB’s professional activity is thus enriched by a complementary offer of an iconic brand and products that meet the strong development ambitions in this segment. « We are delighted with the acquisition of Pacojet, which will enable Groupe SEB to continue to accelerate in the professional segment, a strategic market that is growing rapidly and profitably. Pacojet’s products complement our existing professional offer and enjoy an unrivalled reputation. They contribute to creating a true ecosystem for our customers. We look forward to welcoming the Pacojet team and pursue our ambition in the professional sector together »Thierry de La Tour d’Artaise, Chairman of Groupe SEB .
China appliance industry decline
According to the “2022 Annual Report on China’s Household Appliance Industry,” both export and domestic sales of the industry are projected to decline in 2022. The export scale of the industry is expected to decrease by 10.9% YoY, amounting to 568.16 billion yuan, while domestic sales volume is expected to drop by 9.5% YoY, reaching 730.72 billion yuan.
However, some home appliance companies reported positive sales figures in their 2022 annual reports. Air conditioners, air fryers, and floor scrubbers were among the top-performing products in the market.
Italy sets terms for Whirlpool’s sale of European unit to Arcelik
Italy’s government on Monday conditionally approved Whirlpool (WHR.N)’s sale of a majority stake of its European domestic appliances business to Turkish rival Arcelik (ARCLK.IS), a ministerial source said.
The Europe-wide deal, announced in January, concerns four Whirlpool factories in Italy employing around 4,600 people.
Prime Minister Giorgia Meloni’s right-wing government had the right to scrutinise it under so-called Italian “golden power” rules designed to safeguard industries deemed of national interest. a decree approved in a cabinet meeting, Meloni’s government green-lighted the deal subject to provisions against plant closures and job cuts and protecting local technological know-how, the ministerial source said.
In January, Whirlpool said it would transfer its European major domestic appliance business into a new company in which Arcelik will have a 75% stake and the U.S. group will retain the remaining 25%.
At the time, Whirlpool said it expected the transaction to close in the second half of the year, subject to regulatory approvals and other customary closing conditions.
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