Shriro Holdings Limited has released its 2019 financial results, posting an underlying profit after tax of $6.5 million on turnover of $172 million. The accounts outlined a strong financial position with no debt, providing a stable structure for 2020.

Shriro CEO Tim Hargreaves said he is pleased with the progress made across Shriro’s appliance and lifestyle divisions, amidst a retail sector that is facing store closures and consolidation, noting that consumer confidence and discretionary spending remains subdued particularly in Australia.

“However, the hard work completed by the team over the past 18 months has assisted us in lowering operating costs and driving efficiencies in the business. This, in conjunction with a diverse product mix and now international and export business, means we can continue to derive earnings from different sources,” Hargreaves told Appliance Retailer.

Shriro’s long-standing relationship with global Japanese consumer goods brand, CASIO, continued to post strong results. Watch brand GShock achieved record results in both Australia and New Zealand, whilst Shriro owned Everdure by Heston Blumenthal (EHB) BBQ, Robinhood appliances and Japanese DJ and Pro Audio giant Pioneer also contributed to the positive result.

2019 was a series of firsts for Shriro with the opening of an international office in California, bringing the award-winning EHB BBQs, along with the Everdure heating and cooling range to the US.

Hargreaves said, “The size of the US market is a critical part of the long-term strategy. Based on the success of our range in Europe, the confidence to expand into the world’s largest BBQ market is an exciting proposition.”

For Shriro’s kitchen appliance, sink and tap division, represented in Australia by BLANCO, Everdure, Omega and Robinhood, the future looks bright. Headed by general manager – appliance division, Brad Street, Shriro has made significant investments in brand, product, service infrastructure and people.

“The cooking appliance market remains a competitive landscape but in consultation with key trading partners and a motivated team, we have taken significant steps to refresh our product offering and marketing for 2020,” he said.

Shriro has not only focused on its brands, but the service it provides to customers, both retailers and consumers alike. “Shriro’s infrastructure and approach to service differentiates us in the market. Investment in key technology designed to improve efficiencies and overall customer experience has been significant.”