Groupe SEB turned in a record-breaking performance last year, the cookware and small appliances giant has revealed.
Confirming provisional figures released earlier this year, the company said it generated €3,652m in revenue – an increase of 15% as reported and 9.6% at constant exchange rates.
Operating margin increased sharply by 23% to €438m in 2010 and represented 12% of revenue, and there was a very steep rise in operating profit to €349m – an increase of 41% stemming mainly from a substantial reduction in other income and expense.
Groupe SEB – whose brands include Tefal, Rowenta, Krups and Moulinex – said it had benefited from having a diversified geographical base combining mature and emerging markets and from an extensive and constantly renewed product offer.
Meanwhile, the company completed on February 28 its takeover of Colombian cookware and plastic food container manufacturer Imusa, which will accelerate its development in Latin America.
It has also said it intends to increase its stake in Chinese cookware and small kitchen appliance manufacturer Supor by acquiring an additional 20% of the company’s capital. Groupe SEB first bought into Supor in 2007 – a deal that aroused much criticism from other Chinese cookware manufacturers.
Groupe SEB is also now poised for a significant relaunch of Moulinex in Europe. When it acquired Moulinex – also a French company – in 2002, the European Commission ordered that Groupe SEB should not use the Moulinex name for a substantial period in nine European countries. The ban was aimed at eliminating the possibility of price hikes on appliances as a result of both companies having large market shares which would now be combined.
Groupe SEB is now free to reintroduce Moulinex in the banned countries, which it says “represents a powerful opportunity to re-establish the brand in these markets, where it still enjoys high awareness”.