Electrolux Professional has bolstered the profitability of its UK foodservice equipment business but sales took a tumble as it lamented the “softened” market faced by key customers.
Operating profit increased 18% to £2.1m for the 12 months to 31 December 2017 versus £1.8m the year before, according to accounts filed with Companies House this month.
Operating profit margins also grew over the same period, from 2016’s 8.9% to hitting double figures of 11.1% in 2017.
Bosses at the firm said the uptick in profits was down to product mix and cost management.
However, orders for its equipment fell by more than £1m year-on-year as turnover slipped 6% from £20.5m to £19.3m.
Electrolux director Fabio Zarpellon stated in the annual report: “The foodservice business sales performance weakened, reflecting the challenges in a softened market faced by key customer.
“Despite the continued price pressures, the business improved operating profit margin by better product mix and managing costs.”
He added: “The business continues with the strategy to deliver profitable growth through product innovation, operational excellence and be the industry leader in offering sustainable products.”
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