AO.com has posted a fall in sales and said it would focus on cash generation in turbulent market conditions.
AO reported that its core UK business had been “resilient” amid a tough trading environment, while its German division suffered.
Category Archives: Financial
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..
Electrolux Professional has reported global growth for 2021
Electrolux Professional’s international headquarters in Stockholm, Sweden, has reported that its overall group financials have been positive in 2021.
The catering equipment manufacturer stated that the recovery of the hospitality industry has been faster than anticipated with its sales growing by 10% and its profit by 50%. This represents a net sales total of SEK7,862m (£635.3m).
60% of global net sales were from the food and beverage segment, with the remaining 40% from laundry. By region, 69% of net sales were from Europe, 16% from the Americas and 15 from Asia-Pacific, Middle East and Africa.
Small Domestic Appliances market to expand at CAGR of 5.8% from 2020 to 2030
Transparency Market Research repprts the global small domestic appliances market is estimated to reach €61.8 billion by 2030, developing at a CAGR of 5.8% during the forecast period from 2020 to 2030, according to new research.
The research firm says factors such as expanding middle class population, discretionary money, and better goods are likely to drive the global small domestic appliances market in the years to come.
Anurag Singh, CEO at Transparency Market Research, says urbanisation and rapid industrialisation play an important role in boosting economic growth all over the world
The trend of adopting multifunctional appliances to replace conventional appliances is likely to support the growth of the global small domestic appliances market,” said Mr Singh.
“With the development of artificial intelligence in floor care applications, the small home appliance industry is undergoing substantial transformation. AI recognises typical robot trapping barriers and the smart robot technology in vacuum cleaners allows users to clean floors with fewer concerns than before.”
Mr Singh added that cold-pressed juices are becoming increasingly popular among millennials, and they are one of the main growth drivers for the global small domestic appliances market.
“As a result, small domestic appliance manufacturers are beefing up their R&D capabilities in order to provide strong engines in juicers that save energy.”
Bpifrance Announces Acquisition of a Stake in Groupe SEB, World Leader in Small Domestic Appliances
By acquiring a stake in Groupe SEB (Paris:SK), Lac1 fund, managed by Bpifrance on behalf of French and international investors, is making its fifth investment since its creation in 2020.
This investment in a family-owned company that embodies the French industrial know-how is fully in line with the Lac1 fund’s investment strategy: to support French listed world leaders that offer strong value creation potential while addressing today’s environmental and societal challenges. With this investment, Lac1 asserts its commitment to the Group’s strategy.
Groupe SEB is the leading global player in small domestic appliances with solid market positions in kitchen appliances. This family-owned company with over 150 years of history has become a French champion with a worldwide presence in more than 150 countries, thanks to a global and competitive industrial tool, a broad portfolio of 31 local and international brands offering more than 30,000 products, and strong innovation capabilities based on a thorough knowledge of consumers. In 2021, the group achieved a turnover of 8.1 billion euros and employs more than 33,000 people.
Currys close HQ
Currys plc is permanently closing the doors of its west London HQ after signing a deal with flexible office space group WeWork, allowing its 1,400 staff to work from 50 locations across the country.
With its workforce steering away from the “old normal” way of working, the retailer is looking to shift to a more creative, agile workplace strategy that provides greater flexibility.
The deal is one of the first times that a major company has permanently closed its headquarters and switched entirely to a flexible office provider.
