Elica continues to invest in its future but the present, or perhaps it would be better to say the recent past, does not yet reward the courageous efforts of the Fabriano company. In the first half of 2024, turnover fell by 6.3% but on closer inspection the second quarter (- 4%) went better than the first quarter.
What has improved? Production for third parties (OEM) which grew by 9.3% in the second quarter also in the Engines segment thanks to new customers in America and sales of own brand products also in America. The weakness of demand depresses sales and margins especially in Europe and the Middle East where Elica generates 80% of its turnover. In the Cooking division, own brand sales fell by 10% between the first half of 2024 and that of 2023
“In the ventilation sector, market shares have increased. However, the margin declined from 10% in the first half to 7% in the second half. The company attributes this drop to a negative price mix and intense promotional activity, as stated in their press release. Additionally, the accounts for the first half were impacted by significant investments in rebranding, product repositioning, and participation in Eurocucina. Despite these challenges, the EBITDA decreased from 14 million in the first half of 2023 to 5.1 million in 2024. On a positive note, the margin appears to have improved from 1.5% in the first quarter to 2.8% in the second quarter,
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De Longhi results
The Group achieved an expansion in turnover of more than 10% also in the second quarter, benefiting both from the consolidation of the professional coffee area and from the continuation of positive trends in the core categories. Over the last few months, we were able to successfully capitalize on structural coffee market growth, further increasing our market share, as well as meeting consumers’ new needs in the nutrition and food preparation segment, also thanks to the recent launches of new products that are increasingly focused on a consumer approach to a healthy diet”, commented CEO Fabio de’ Longhi. revenues of € 1,423.7 million, up by 10.3% (+3.5% on a like-for-like basis and +4.2% on a like for like
basis and constant currencies);
o adjusted2 Ebitda at € 204.7 million, equal to 14.4% of revenues (compared to 12.4% achieved in the first
half of 2023);
o net income pertaining to the Group of € 106.2 million, up by 28.4%;
o free cash flow before dividends and acquisitions of € 74.3 million.
In the second quarter:
o revenues of € 764.9 million, up by 11.0% (+1.5% on a like-for-like basis, with the household business
excluding comfort segment growing by +6.9%);
o Ebitda adjusted at €110.9 million, equal to 14.5% of revenues (marked improvement from 12.5% in 2023);
Net financial position as of June 30, 2024 was positive by € 305.3 million, after the net absorption of € 326.8
million in relation to the closing of the business combination between La Marzocco and Eversys.
Dyson to cut up to 1,000 jobs
Dyson announced today that it is reportedly looking to cut a third of its UK workforce as part of a global restructuring and cost-cutting drive. Chief executive Hanno Kirner said: “We have grown quickly and, like all companies, we review our global structures from time to time to ensure we are prepared for the future. As such, we are proposing changes to our organisation, which may result in redundancies.
𝗙𝗶𝗿𝘀𝘁 𝗘𝗚𝗢 𝗿𝗮𝗱𝗶𝗮𝗻𝘁 𝗵𝗲𝗮𝘁𝗶𝗻𝗴 𝗲𝗹𝗲𝗺𝗲𝗻𝘁 𝗳𝗿𝗼𝗺 𝗠𝗲𝘅𝗶𝗰𝗼
The new Mexican E.G.O. site E.G.O. Componentes Electrónicos S.A. de C.V. in Parque Industrial Amexhe (E.G.O. Mexico), the team has good reason to celebrate: the first EGO radiant heating element successfully left the production line. Congratulations to everyone involved for this achievement!
As part of the realignment, E.G.O. Mexico is producing EGO radiant heating elements in addition to electronic products. At the previous site in Querétaro, there was no possibility of increasing the production area.
Electrolux Launch a Microplastic Filter Launch a Microplastic Filter
According to our consumer study into microplastics and laundry**, part of the problem is a lack of understanding of what ‘synthetic’ means, with 94% of all adults not knowing how much plastic is in clothes. Our study found 68% of European adults were unaware that Nylon is a plastic fiber while 62% did not know Polyester, the world’s commonly used fiber, is plastic.
With the launch of the Microplastic Filter, we can help consumers reduce their own environmental impact when it comes to clothing care. We estimate that the new filter for washing machines can help prevent up to two plastic bags worth of microplastic fibers from being released from laundry, per household, every year. The filter, designed to fit on the laundry wall and made from 50% recycled plastic, works with both Electrolux and AEG washing machines.
Bosch weighs offer for appliance maker Whirlpool,
German engineering group Robert Bosch is weighing a bid for US appliances manufacturer Whirlpool, (WHR) according to three people familiar with the matter, a move that would boost its position in the household appliances market.
Bosch has been talking to potential advisers about the possibility of making an offer for Whirlpool, which has a market capitalisation of about $4.8 billion, one of the sources said.Bosch weighs offer for appliance maker Whirlpool,potential acquisition could significantly enhance Bosch’s position in the household appliance market, especially as competition with Asian rivals intensifies12. Whirlpool, founded in 1911, produces a wide range of home appliances, including refrigerators, microwaves, washing machines, dryers, and small kitchen appliances. The company has undergone restructuring, folding its European business into a new company controlled by Turkish rival Arcelik and divesting its Middle Eastern and African operations.
While it remains uncertain whether Bosch will make an official offer, the move aligns with Bosch’s strategy to expand its unit that manufactures large home appliances. If successful, the acquisition could reshape the landscape of the industry and potentially impact Benton Harbor, where Whirlpool’s headquarters are located.
GlenDimplex to close manufacturing site
Workers at the GlenDimplex factory in Portadown are to hold a protest outside St Mark’s Church in the town centre on Friday after the company announced its intention to close the site in the next two years.
GlenDimplex, which is an Irish electrical goods firm, did not respond when asked about the planned rally. Unite the Union, which represents the staff at the Portadown factory, said it is calling on all the candidates for Upper Bann in the upcoming General Election to attend and address the rally.GlenDimplex plans to move the manufacturing that currently takes place at the Portadown site to Lithuania, and said the site closures
AMDEA
AMDEA calls on the next Government to encourage more safe repairs of appliances through reducing VAT on spare parts –
De’Longhi Reports First Quarter 2024 Earnings
Key Financial Results
Revenue: €658.8m (up 9.4% from 1Q 2023).
Net income: €51.3m (up 33% from 1Q 2023).
Profit margin: 7.8% (up from 6.4% in 1Q 2023). The increase in margin was driven by higher revenue.The persistent growth of the coffee business, as well as the recovery of the nutrition and food preparation category, led to an organic increase in turnover at constant currencies in the high single digits for the third consecutive quarter. The consistency of trends, combined with the one-month consolidation of the business combination between La Marzocco and Eversys, enabled the Group to increase turnover by about 10%”, commented CEO Fabio de’ Longhi.
Electrolux EcoLine Hub at Fuorisalone
The Electrolux EcoLine Hub is open now at Fuorisalone 2024, our one-off installation aimed at increasing environmental awareness and more sustainable living practices.
If you’re attending Milan Design Week then please come and visit us. You’ll find the Electrolux EcoLine Hub within the BAM – Biblioteca degli Alberi (Library of Trees) and we’ll be open until Sunday 21 April.
A unique space where education meets inspiration, the Electrolux EcoLine Hub also includes an exhibition of products that are part of the Electrolux EcoLine range – a selection of our most energy efficient kitchen and laundry appliancesThe products dedicated to garment treatment feature a revamped design that enhances and simplifies the physical and digital user experience. For the first time, Electrolux’ washing machines feature the SmartSelect interface, which adjusts cycle duration and temperature based on needs and can help save water, energy and time. The SensiCare+ technology allows to save up to 40 percent in time, water, and energy by detecting the weight of each load and adjusting the wash cycle*. The SmartSave function featured in the dryers allows to choose between drying more energy efficiently or faster to save time. Visitors will also have the opportunity to explore in detail all the new features of the latest models in an immersive and in-depth experience.
In addition, thanks to AWorld, a mobile app that fosters a culture of sustainability through gamification, it will be possible to calculate one’s Carbon Footprint, introducing a fun way to learn about sustainability. Furthermore, a collection point for small WEEE will be set up inside the Hub, thanks to the partnership with Erion WEEE, a non-profit consortium for electronic waste management and recycling of which Electrolux is an active member. In addition, “Materia Viva” (“Living matter”), a docufilm created by Erion WEEE in collaboration with Libero Produzioni to raise awareness about sustainability, the circular economy and WEEE, will be screened. Leveraging a pop approach, experts and well-known personalities guide the audience to good recycling practices, demonstrating how simple gestures can help contributing to a better future.
