Kitchen appliance manufacturer Breville benefits from work-from-home sales for appliances
Appliance company Breville has recognised its “good fortune” and says revenue has remained relatively unscathed during the coronavirus pandemic.
Breville booked a net profit of 66.2 million for the 12 months ending June 30, a 1.8 per cent decline on the 2019 financial year.
The company said the dip in profit was in line with expectations given the economic backdrop induced by COVID-19.
For the 2020 financial year, Breville’s earnings before tax and interest rose 11 per cent compared with the previous corresponding period to $126.5 million.
Breville’s revenue surged 25.3 per cent to $952.2 million over the period, largely from its expansion into France and Spain.
The company has also increased its dividend payout by 10.8 per cent, bringing its total dividend to 41 cents per share.
“We faced a cluster of headwinds in the form of Brexit uncertainty, exchange rates, US tariffs and COVID-19, and equally we had our share of good fortune in terms of our inventory levels and the relevance of our products to the new normal,” Breville chief executive Jim Clayton said.
The company’s Australian operations grew 18.3 per cent, largely from increased online sales during the second half of the financial year when lockdown restrictions were imposed.