Electrolux reports “solid” start to year as revenues climb 3%

Electrolux Thermaline suite

Electrolux said this morning that its Professional Products division had seen “solid development” over the past three months as it reported its first quarter results to the market.

The company increased foodservice equipment and laundry revenues by 3% year-on-year, taking its sales tally for the first three months of the year to SEK1,424 (£117.5m).

It stated: “Overall market demand for professional foodservice and professional laundry equipment improved somewhat year-over-year in the first quarter. Market demand was unchanged in Western Europe while demand in the US and emerging markets displayed growth year-over-year.”

Electrolux said it continued to gain market share, particularly in emerging markets such as Africa and the Middle East. Sales also rose in Western Europe, with core markets such as Southern Europe and the Nordic countries performing well.

“Sales growth in emerging markets was primarily the result of the group’s strategic initiatives to grow in new markets and segments, in addition to new product launches,” the company continued.

Operating income grew 34% to SEK170m (£13m) while operating margin increased two percentage points to 11.1% as a result of higher sales volumes and increased operational efficiency, Electrolux said.

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