The UK arm of camera and printer giant Canon failed to return to the black during its latest financial year despite sales rising by almost £100m.
The Uxbridge-headquartered division reduced its pre-tax loss from £7.3m to £5.1m in 2023, newly-filed accounts with Companies House have revealed.
The last time Canon UK reported a pre-tax profit was the £67.7m achieved in 2021.
The new results also show that the firm’s turnover jumped from £282.3m to £376.5m in the year.
Canon UK said its turnover was “considerably higher” in 2023 because of a change in business model for the Imaging Technologies and Communication group channel and product sales meaning that a larger proportion of the sales were recognised in the accounts.
Cost-of-living crisis hits Canon
The business added that its print division experienced a downturn in the second half of 2023 because of the cost-of-living crisis which “resulted in lower than anticipated demand” at peak periods such as the back to school campaign and Christmas.
However, Canon also said that it was able to maintain its position as the number one imaging brand and maintain or improve its market share in all of its key segments.
Its workspace revenue, which includes sales of printers, rose by 14 per cent to £134.1m in the year.
In a statement signed off by the board, managing director Yusuke Mizoguchi said: “Looking forward, we continue to see businesses place a greater focus on responsible businesses, and as a brand with purpose, we’re committed to playing a leading role in that change.”
Mizoguchi added: “As we continue to adapt to the ever-changing world we live in, we believe that the solid foundations upon which our company is built, will sustain us for the future and we can look forward to any challenges ahead, together with strength and positivity.”