Shriro Profits Fall Again After Omega Appliance Sale
Shriro Holdings Limited has issued a profit guidance of $18.5M for 2023, this is down $6.1M in their final 2022 EBITDA which was down nearly 30% on the prior year.
The unaudited EBITDA for FY23 is $17.6M, with Shriro full details set to be released with their financial year end announcements.
The cash balance on 30 June 2023 was $32.8M which includes the proceeds from the exit of the Australian Appliances and sale of the Omega business.
As of June 2022, Shriro’s cash balance was $12.9M with the increase attributed to the offloading of the Omega appliance brand.
During the past 12 months Shriro picked up the LIXIL Corporation business for American Standard and Grohe brands which they will distribute in New Zealand and the Pacific Islands.
The deal was for an initial three-year term, effective 1 July 2023.
During the year Residentia Group acquired the Omega brand, following Shriro’s decision to exit the kitchen appliance division in Australia due to mounting losses and the dropping of the brand by Harvey Norman.
Omega Appliances has been in the Australian appliance market since 1981, offering a range of ovens, freestanding cookers, cooktops, rangehoods, microwaves, dishwashers and laundry.