The European arm of home appliance brand SharkNinja, based in Leeds, UK, has recorded exceptional growth, pushed largely by the region’s strong demand for air fryers. The company reported a considerable uptick in its financials, with pre-tax profits hitting £81.5m for 2023, bouncing back from the previous year’s pre-tax loss of £19.7m.
This marks a significant rebound since SharkNinja last posted pre-tax profits of £13.9m in 2021 when its revenues were £440.9m, as reported by City AM.
New accounts lodged at Companies House have revealed that the company’s revenue soared to £844.7m in 2023 from £507.5m.
In the UK alone, revenues for the air fryer manufacturer climbed impressively to £683.1m from £435.2m, while sales across the remainder of Europe made a substantial leap from £72m to £161.2m.
Growth was also noted in other global markets, with revenue increasing from £206,000 to £288,000.
Employee numbers during the period also rose from 238 to 292 as the business expanded.
Air fryer maker targets new markets
A statement from the board read: “The increase in gross profit has been driven by cost optimisation efforts to keep costs down on the cost of goods sold and also more focus on the direct to consumer market which has stronger margins than the business-to-business market.”
“The directors consider the improvement in sales and gross profit to be a satisfactory result.”
“The focus for the year has been on growth via both introducing new categories and expanding into new geographies, which has led to the opening of new warehouses to improve efficiencies in the supply chain and cope with the increased product offering.”
Looking ahead, Sharkninja stated: “The company is looking forward to consolidating its position in the EU and expanding into further European markets whilst still challenging and pushing forward in its aim to become [the] market leader across Europe.”
The UK arm is part of the broader Sharkninja group, which is headquartered in Massachusetts, USA, and listed on the New York Stock Exchange.
In the same financial year, the group reported a 14.4% increase in sales to $4.25bn (£3.25bn), while its earnings before interest, taxes, depreciation, and amortisation (EBITDA) surged by 38.5% to $719.7m (£550.7m).
For the first half of its current financial year, Sharkninja reported net sales of $1.24bn (£948.9m), a 31.4% increase, while its adjusted EBITDA rose by 47.6% to $167.7m (£128.3m).
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Original artice – https://business-live.co.uk/all-about/yorkshire-humber
