Frasers Group has raised its stake in online electricals retailer AO World to 25.01%, up from 24.02%, according to a recent regulatory filing.
This move strengthens the Sports Direct owner’s position as the second-largest shareholder in the business, following the retailer’s positive trading update this week.
AO World raised its full-year profit forecast, with adjusted pre-tax profits expected to be between £39m and £44m for the year ending March 31, 2025
Category Archives: Financial
Xiaomi sales increase
Xiaomi Corporation posted a record 2024, with a growth of 35.0% and total revenue of RMB 365.9 billion (€47.6 billion). Adjusted net profit increased by 41.3% YoY to RMB 27.2 billion (€3.5 billion)
Large-scale smart appliances saw a 56.4% YoY increase, with record shipments:
Air conditioners: +50% YoY (over 6.8 million units)
Refrigerators: +30% YoY (over 2.7 million units)
Washing machines: +45% YoY (over 1.9 million units)
Glen Dimplex founder Martin Naughton’s son to become CEO
Glen Dimplex, the electrical goods company founded by Martin Naughton, has named one of the businessman’s sons as its next chief executive officer (CEO).
Fergal Naughton (49), who has been a director of Glen Dimplex for the past 18 years, according to Companies Registration Office (CRO) filings, will succeed Fergal Leamy from next month.
Building Bridges: APPLiA and China’s SAMR Collaborate on Market Surveillance and Sustainability
In the lead-up to the annual International Roundtable of Household Appliance Manufacturer Associations (IRHMA), APPLiA’s Director General Paolo Falcioni recently engaged in discussions with China’s State Administration for Market Regulation (SAMR) in Beijing. The meeting centered on the EU Market Surveillance Framework and its crucial role in promoting product safety, regulatory compliance, and consumer protection.
As global markets become increasingly interconnected, such dialogues are pivotal in fostering mutual understanding and collaboration on key regulatory issues. The discussion highlighted opportunities for both regions to address the challenges of globalization, with a particular focus on advancing sustainability and innovation.
The exchange also delved into strategies for enhancing market oversight, navigating the complexities of international trade, and bolstering competitiveness on a global scale.
V-Zug turnover down
In 2024, the turnover of the Swiss V-Zug fell by 8.8% despite the good performance of OEM sales (+15.8%). V-Zug, which opened or renovated stores in Hamburg, Berlin, Milan and Sydney, did not reduce the permanent staff to 2066 people and completed the new factory and new offices.
For 2025, V-Zug expects an improvement in sales and profitability as well as a recovery in consumption. V-Zug maintains its medium-term targets, in particular a sales growth of 3 percent per year and an EBIT margin of 10-13 percent.
EU gives Midea green light to buy Teka, KüppersbuschEU gives Midea green light to buy Teka, Küppersbusch
Good news for Midea! European regulators have approved their purchase of the Teka Group, a well-known maker of kitchen appliances. This means Midea now owns brands like Teka, Küppersbusch, and Intra, and will oversee Teka’s 10 factories around the world. Teka, which has offices in 33 countries and employs 3,000 people, had a turnover of €660 million last year. This acquisition marks a big step for Midea as they expand their reach in the kitchen appliance industry.
Groupe Seb results
Groupe Seb published its 2024 annual results, which demonstrate sustained commercial momentum and an improvement in its profitability in a still uncertain economic context. Its turnover reached €8.266 billion and shows an increase of 3.2% in published data and 5% at constant exchange rates and scope.
This performance was mainly driven by the Consumer business , with organic growth of 6% (+9% excluding China). The Group thus returned to solid growth in Western Europe and North America, while Eastern Europe and South America continued their double-digit growth. For its part, the Professional business experienced a year of consolidation after strong performances in 2023. Although its sales fell by 4.5%, 2024 represents the second best year in history in terms of revenue for coffee. ” 2024 was also marked by major strategic advances: the launch of a hub in China for Professional Coffee and the strengthening of our expertise in Professional Culinary with the acquisition of the Sofilac Group ,” said Stanislas de Gramont , CEO.
At the same time, operating profit from activity (ROPA) increased by 10.5% to reach €802 million. The operating margin thus improved to 9.7% of sales, compared to 9.1% in 2023. This increase is explained by a positive volume effect and a decrease in the cost of sales, which more than offset the commercial and marketing investments made to support growth.
Miele continues to invest
Miele closed 2024 with revenues of €5.04 billion, up 1.7% from the previous year, thanks to the acquisition of the SteelcoBelimed joint venture , which specializes in medical technologies. Without the acquisition, sales would have fallen by 2.9% and the number of employees would have fallen by 4.2%.
According to Markus Miele , managing partner, the market presents itself as a “ mosaic ” with variable trends in the sectors of floor care, linen care and household appliances.Miele’s transformation program, with a total investment of 500 million euros , has so far been implemented at 50 percent . A significant point is that, according to Rebecca Steinhage , Head of Human Resources and Corporate Affairs, the threat of forced layoffs no longer looms over regular employees. Instead, the company has opted for a socially sustainable reduction in staff , through early retirement and voluntary resignations.
Regarding the partial relocation of washing machine production to Poland, which will lead to the reduction of around 1,400 jobs in Germany in the coming years , Steinhage emphasizes that the other German plants are not at risk . Overall, the company is more optimistic about 2023/2024 and looks confidently into the new fiscal year.
500 million euros for growth and development
Despite the market challenges, Miele is focused on growth and maintains a positive attitude. The first half of 2024 was particularly difficult, with a recovery in the second half. The built-in appliance sector has yet to recover, while the free-standing appliance sector only recovered in the third and fourth quarters of 2024.
Fnac Darty closes the year with +1% and almost reaches 8 billion
Fnac Darty has made public its 2024 balance sheet, which consolidates Unieuro for the month of December alone . Net of Unieuro, sales increased by 1%, reaching almost 8 billion euros (7.93). Substantially stable in France (-0.3%), declining in Belgium and Luxembourg (-1.3) and increasing by 12% in Iberia thanks to the acquisition of the Portuguese stores of Mediamarkt. Online sales, which represent 22% of the turnover, grew by 2.2%.
More comforting are the data on margins: operating profit rose by 6% to 182 million, cash flow and EBITDA are improving as well as the financial position, so much so that the Board of Directors has proposed to shareholders a superdividend of 1 euro, more than double the one paid in 2023.
Media world financial results
The chain closed the fiscal year with revenues of 2.4 billion euros (2.5 in 2023) and a growing market share
MediaWorld, in the 2024 fiscal year (ended September 30, 2024), recorded a turnover in line with forecasts of 2.4 billion euros almost entirely generated by B2C sales, 2023 closed with a turnover of 2.5 billion euros. Going into detail, in the face of an overall market that saw a contraction in sales that stood at -3.6%, MediaWorld slightly increased its market share (+0.2%) on the physical channel. Considering the calendar year, furthermore, an even more significant performance is appreciated, with a share increasing by over half a point. As regards online sales, in the face of an Italian direct technological e-commerce market that marked a decrease, MediaWorld reversed the trend by closing the year in the green.
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