British kitchen appliances manufacturer Kenwood has seen a huge jump in sales with the company crediting the ever-growing number of customers buying its products online.
The Hampshire-headquartered business, which produces and sells kitchen tools including stand mixers, toasters and food processors, increased its turnover from just under £113m in 2022 to £119m in 2023, according to new documents published to Companies House.
This helped the company to grow its pre-tax profit to £30m over the 12 months, up from just over £9m in the year before.
Kenwood said that cost control and a reduction in average itinerary held over the year were “key in ensuring the correct balance between working capital and taking advantage of the improving economic landscape“.
In a business review published to Companies House alongside its full year results, the company said: “In comparison with previous years, the trading conditions in 2023 returned to a market where performance was driven more by commercial factors directly under the control of the company, such as stock availability and forecasting, rather than macro-economic ones.
“That said the impact of the cost of living increases in the UK and Ireland in the past couple of years continued to make an impact on the day to day spending choices of consumers, albeit to a lesser extent than in previous years.
“Also, some impact has been seen to trading from the unrest in the middle east with the conflict in Israel and incidents in the Suez Canal, increasing shipping costs and increasing lead times for stock to reach the UK.
“There has been growth for the company across all retail channels particularly in e-commerce, which has the effect of reducing any risk of major impact where changes in market conditions take place.
“E-commerce growth in recent years in particular is a reflection of the company’s ability to adapt to changes in consumer behaviours.”