Glen Dimplex’s primary Irish division posted a pretax loss last year, as the heating and electrical goods manufacturer grappled with declining demand for heat pumps across Europe and initiated a sweeping transformation of its operations.
According to newly filed accounts from Glen Dimplex Europe Holdings, turnover fell by over 9% to €875.2 million for the 12 months ending September. The company also recorded restructuring expenses exceeding €26 million—more than double the €12.4 million reported the previous year. These costs are tied to its ongoing “transformation programme,” which includes streamlining its flame and consumer appliance segments, directors noted.
In February 2024, Glen Dimplex announced a significant overhaul of its Irish operations. As part of the changes, production of its gas and electric fire products will shift from its facility in Dunleer, Co Louth, to a manufacturing partner in China—bringing an end to the company’s production activities in the town.
The company has begun a consultation process with employees at the Dunleer site, where approximately 70 redundancies are being proposed.
Category Archives: Financial
Bosch Group completes largest acquisition and signals intent to grow HVAC business
The acquisition of the residential and light commercial heating, ventilation, and air conditioning (HVAC) business from Johnson Controls and the acquisition of the Johnson Controls-Hitachi Air Conditioning joint venture were completed as scheduled on 31 Jul With the new lineup, Bosch wants to grow significantly faster than the global HVAC market. According to Bosch estimates, this will increase by up to 5% every year until 2030
Elica acquiring stake in range cooker manufacturer
Elica S.p.A. announced the signing of an agreement to acquire a 28% stake in Steel Srl , an Italian company specializing in the production of range cookers and high-end outdoor solutions, with a progressive acquisition mechanism upon the occurrence of certain conditions.
This transaction strengthens the Elica Group’s presence in the premium cooking segment, accelerating its penetration of high-potential markets such as the United States and Canada. By October 2028, Elica will be able to acquire an additional 57%, bringing its stake to 85%.
Arçelik Group Reports Mixed Q2 Performance: Sales Drop, Margins Improve
In the second quarter, Arçelik Group—the parent company of Beko and majority shareholder of Beko Europe—reported a year-on-year revenue decline of 11.5%, falling from 137 billion Turkish lira to 121 billion. Despite the downturn, the multinational remains balanced in its geographical revenue distribution: one-third from Turkey (where the market remains resilient), one-third from Europe (facing notable headwinds), and one-third from global markets (where strategic investments are beginning to pay off).
– 📊 Regional volume shifts:
– Italy: +5%
– Spain: +10%
– France & Germany: Declines
– 🌍 Total European sales rose just 1.4% in volume, indicating modest recovery amid operational challenges.
Financial Snapshot: Margins Up, Debt Weighs
While operating costs continue to strain profitability, a weaker U.S. dollar—used to purchase raw materials and components—boosted gross margin from 27.2% to 28.4%.
– ⚖️ EBITDA increased from 4.9% to 5.9%, reflecting operational efficiency.
– 🧾 Arçelik reports progress on its workforce restructuring, having completed two-thirds of planned office staff reductions.
– 📉 However, a debt burden of 7 billion Turkish lira led to a net quarterly loss of 3 billion.
LG Home Appliance Solution – Q2 2025 Snapshot
LG’s HS Company delivered record second-quarter results:
– Revenue: KRW 6.59 trillion
– Operating Profit: KRW 439.9 billion
Despite global challenges, LG maintained strong margins through:
– A dual-market strategy for premium & mass consumers
– An 18% YoY boost in appliance subscriptions
– Expansion of direct-to-consumer (D2C) sales via LGE.COM
– Continued production and operational efficiencies
Looking ahead, LG aims to further grow its subscription and D2C businesses while navigating tariff impacts and easing logistics costs.
Reliance Buys Kelvinator from Electrolux
Reliance Industries has acquired Swedish brand Kelvinator, known for home appliances, through its retail arm—strengthening its position in India’s fast-growing consumer durables
Electrolux Sees Profits Surge in Q2 2025 Despite Revenue Decline
Electrolux delivered a strong performance in the second quarter of 2025, reflecting the early impact of its new management team, which took the helm on January 1. Although revenues fell by 7.5% compared to Q2 2024—landing at 31.2 billion kronor versus 33.8 billion kronor—analysts had anticipated the drop. What surprised the market instead was the sharp rise in profitability.
📈 Operating profit nearly doubled, jumping from 410 million kronor to 800 million kronor, while the operating margin climbed from 1.2% to 2.5%. Net results swung back into the black, reaching 362 million kronor, compared to a loss of 112 million kronor in the same period last year.
According to CEO Yannick Fierling, the company’s core European brands continued to outperform, even amid softer demand and increased competition. The boost in European performance was largely driven by consumers opting to replace older appliances.
🌍 Regional Highlights:
– North America: Slight dip in market demand, yet Electrolux still managed to outpace the competition.
– Latin America: Consumer demand grew modestly, adding to the company’s regional strength.
A key contributor to the quarter’s strong operating profit was a €180 million gain from the sale of the Kelvinator brand portfolio in India. Net profit stood at **178 million kronor**, reversing a previous loss of 80 million, with earnings per share at 0.66 kronor versus -0.30 kronor last year.
💸 Despite the earnings turnaround, operating cash flow after investments turned negative, dropping to -741 million kronor compared to a positive 1,226 million kronor in Q2 2024.
Fierling added, Over the coming quarters, we will increase our focus on key transformation areas, building speed and flexibility across the organization.The outlook for the rest of the year remains unchanged.
LG results
LG Electronics Inc. (LG) today announced its preliminary earnings results for the second-quarter of 2025, reporting a consolidated revenue of KRW 20.74 trillion and operating profit of KRW 639.1 billion.
Both revenue and operating profit declined year-over-year. The slowdown reflects continued weakness in consumer sentiment across major markets and an increasingly challenging external environment. In particular, changes in U.S. trade policy led to higher tariff costs and intensified market competition, further weighing on performance.Home appliance solutions business is maintaining a strong presence in the premium market and also achieving success in the volume zone lineups despite softening demand due to changes in U.S. trade policy and geopolitical risks in the Middle East, while its subscription model continues to perform steadily. In the second half, logistics costs are expected to ease, allowing the company to focus on securing sales, minimizing tariff impacts and ensuring a sound profit structure through operational efficiency
Currys Surges Ahead with 37% Profit Boost
Currys has delivered a standout performance, raising its annual profit by 37% to £162 million for the year ending 3 May 2025—beating market expectations on the back of robust UK sales and a surge in demand for tech services and credit options.
💹 Key Financial Highlights:
– Group revenue climbed 3% year-on-year, reaching £8.7 billion.
– UK and Ireland like-for-like sales jumped 4%, reflecting solid consumer engagement.
– Recurring service revenue rose 12%, while credit sales soared 14% to hit £1.1 billion.
– Mobile subsidiary **iD Mobile** welcomed 450,000 new customers, lifting its subscriber base by 26% to 2.2 million.
– **Statutory pre-tax profit** saw a dramatic rise to £124 million, up from just £28 million a year earlier.
🚀 CEO Alex Baldock praised the company’s trajectory, stating: _“Currys’ performance continues to strengthen and the business has real momentum
Elica increases its stake in Chinese subsidiary to 100%,
Elica increases its Chinese control to 100%. The household appliance manufacturer has acquired the remaining 0.56% of the share capital of Elica Home Appliances (Zhejiang, Putian) from Fuji Industrial Co., already its partner in the Japanese joint venture Ariafina.The price agreed with Fuji corresponds to the amount originally paid by the counterparty upon its entry in 2012, equal to 1.9 million euros, consistent with the initial agreements and with the path of the joint venture, managed independently by Elica, also through recapitalization operations
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