Electrolux Professional’s latest annual report shows mixed fortunes for the major manufacturer.
According to the latest publicly-available accounts from Companies House, the foodservice division turned over £20.5m in the 12 months to December 2016. This is 13.4% up on 2015’s figures.
However, profits did decline, with 2016’s result of £1.8m a 16.4% fall on 2015’s £2.2m. This brought the profit margin down from 12.3% to 9.1%.
The annual report stated: “The foodservice business has seen considerable growth from a weak comparator in 2015. This, coupled with an innovative approach to secure increased share in key product categories has driven the 13.4% turnover growth.”
It then acknowledged: “The operating margin decline reflects price pressures in the foodservice business.”
Darren Lockley, head of region – UK and Ireland at Electrolux Professional told Catering Insight: “As our financial results indicate, 2016 saw us achieve considerable growth in our foodservice business, which was achieved with the support of our partners – many of which helped to deliver project sales across multiple product categories.
“Having also invested in additional resources to meet our long term targets, we are confident we can continue to offer the best possible support to customers buying our products. We remain confident that we will gain advantages in the marketplace over the next 12 months through the planned launch of more efficient and easy-to-use equipment.”