Shriro Profit Up 9.8%, $188M Revenue, Appliances Soar
Sydney based ASX-listed distributor, Shriro, has achieved a 3% increase in consumer product revenue, notching $105 million from the growth of its Omega Altise, Blanco and ‘Everdure by Heston Blumenthal’ brands.
For the twelve months to December 31st, Shriro Holdings generated total sales revenues of $188.3 million, up 2.6% YOY. Net profit (after tax) climbed 9.8% to $14.5 million.
Shriro’s kitchen appliance range posted revenues of $83.4 million, up 2.3%, and EBITDA growth of 28%. Blanco, Omega and Robinhood appliances were named strong movers.
The company states its results were dampened by reduced watch and appliance sales in the commercial market.
For 2017, Shriro notched a gross margin of 42.3%, marginally lower than the previous year. Operating expenses dipped 0.7%.
A fully franked final dividend of 7 cents/per share has been declared, notching a total dividend of 11 cents/per share [fully franked] for the year – a 72% payout ratio.
Shriro has also announced Managing Director, Mike Westrup, retired at the end of 2017, with Tim Hargreaves promoted to CEO. Westrup departs after 26 years of service.
Disclosed in an ASX statement, Hargreaves affirms its consumer product division has performed “well” despite “difficult retail conditions” for the majority of 2017:
“Given the difficult retail conditions for most of the year, which impacted many product sectors, both the kitchen appliances and consumer products divisions have performed particularly well and New Zealand operations continued to make a very valuable contribution”.
Looking to 2018, Shriro and Williams-Sonoma will launch the ‘Everdure by Heston Blumenthal’ range in the United States. Following its launch, the brand has picked up orders from several European countries including; Germany, UK, Sweden and Denmark.
Shares in Shriro Holdings (SHM) are currently trading 1.67% higher to $1.51.