A leading global appliance manufacturer has reported solid financial performance for 2024, despite ongoing economic challenges and weakened consumer demand across several key markets.
CEO of BSH, Matthias Metz.
BSH, which owns Bosch, Siemens, Gaggenau and Neff, reported a turnover of €15.3 billion (approximately £13.2bn) in the past financial year. This marks a 3% year-on-year increase, or 7.5% when adjusted for exchange rate effects.
The company acknowledged a tough year for the domestic appliance market, citing subdued consumer sentiment and a sluggish real estate sector. Nevertheless, it stated that the results validate its current growth strategy, especially following a decline in the previous year.
Regionally, BSH saw turnover grow by 3% in the US and Canada, aided by product diversification tailored to those markets. It reported a 14% surge in "emerging markets", particularly in Turkey, the Middle East, Africa, and India. In contrast, turnover declined by 2% in Europe and by 4.5% in China, which was attributed to currency effects and a weakening economy. Still, the firm remains China's leading non-domestic appliance brand.
To capitalise on North American momentum, BSH plans to open new Experience and Design centres in Washington D.C. and Beverly Hills, following successful launches in Miami and Houston in 2024.
The company also reported record investment in research and development, exceeding €835 million. Particular emphasis was placed on energy efficiency and digital optimisation.
Chief executive Dr Matthias Metz said the group has "a clear roadmap for the future", built on brand strength, retail partnerships, innovation, and long-term competitiveness. He added that the company aims to remain a "market shaper", continuing to differentiate itself from rivals while delivering value to consumers and partners.
Source: www.kbbreview.com