Home appliances brand house McPherson’s records modest profit, acquires Lofra agency

McPherson’s Limited, the publicly listed parent company of Home Appliances, Think Appliances and Lemair, has today announced a statuary profit after tax of $9.9 million for the first half of the 2015 financial year. This is a significant improvement on the half year prior, when write downs resulted in a $70.1 million loss.

Total sales revenue for the brand house, which also markets health and beauty, housewares and consumables across myriad labels, was up 3.3 per cent to $186.6 million. Home appliances sales totaled around $31.7 million; 17 per cent of overall revenue.

Speaking specifically about its home appliances brands, which include Baumatic, Euromaid, Fagor and Elica, managing director Paul Maguire said resulted were softened by slower than expected wholesale buying activity.

“The performance of the Home Appliances division was in line with the first half of 2014, with additional earnings from Think Appliances, acquired October 2013, and Lemair, acquired in March 2014, offset by lower than anticipated sales to two key customers. Several initiatives to grow revenue and improve productivity are currently being pursued and will yield gains in the second half.”

Further growth in McPherson’s appliances sales will also be provided from the premium Italian Lofra brand. McPherson’s secured the agency to distribute this brand in December 2014 and will soon be raising the profile of this otherwise obscure freestanding and integrated cooking appliance manufacturer.

“Lofra was founded over 50 years ago by the brothers of an Italian family with their work beginning after the war using left over war surplus,” the local office, based in Somerton, Victoria, told me. “Through the early years they began making camp stoves and then progressed onto gas cookers to meet the growing needs of consumers.

“Lofra cookers are designed to offer years of high performance cooking, and with European styling, unique cooking features and the flexibility of various options, you are sure to find the perfect Lofra for your lifestyle.”

Heretofore, the Lofra brand has been mostly sold through The Good Guys.

Finally, McPherson’s Limited has appointed Jane McKellar as a non-executive director, replacing John Clifford. McKellar has previously worked for Unilever, Ninemsn and Microsoft.

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