Sydney based distributor Shriro has seen a reversal of fortunes, with revenues falling for the past six months by over 19% in Australia, profits fell 35.4%.

The distributor of Omega, Casio, and Heston barbecues products has gone from record profits to a slump in sales overall despite international revenue increasing by 29.4%.

They have also seen an exit of key staff.

Revenues fell from $112.6M in the sale six months 2020 to $95.9 million at December 2021.Operating expenses went from $26.5M due to increased shipping and other cost increases.

Profit after tax fell from $13.5M to $8.2M a decrease of 39.3%

The Company that lasts Blanco last year and had to handle a major cyber-attack on their business grew US revenue by 115.0%.

Shriro management said that they expect to receive Cyber related insurance relief of $1M in 2H22.

This additional reimbursement was not included in 1H22, however the associated costs have been included in the 1H profits.

Despite domestic revenue being down 19.3% the Companies premium BBQ brand Everdure by Heston grew sales
by 26.2%.

Also rebounding strongly was the Companies G-Shock watch business.

The Company said that they have recently invested in new BBQ consumer market research and is investigating new products in an effort broaden its range of BBQ products globally.

Shiro management said that January revenue was up 3.8% pcp as the retail returns to operating in a business-as-usual mode.