Smeg UK has reported a surge in sales for the year ending December 2015. This is up by more than a quarter on the previous year.
Smeg UK Limited, which sells and distributes its Italian parent company’s range of products in the UK, said the 28% increase in sales was driven by improved economic conditions and overall market growth of 5.9%.
Revenue grew by 28% on the previous year – up from £43 million to £55.1m. This also represented a 93% increase on its lowest figure of £28.5m in 2009.
Profit after tax also increased from £0.5m in 2014 to £0.9m in 2015.
The company reported growth in all sectors, particularly in sales of small domestic appliances (£2.8m) and commercial food services (£1.1m).
In September 2015, the company also saw the expansion of its operations, with the move to its new state-of-the-art office building in Abingdon, Oxfordshire. The new facilities allow for larger product display areas and demonstration services as well as more efficient and cost effective logistics.
The company also revealed plans to open its first UK flagship retail store in London’s Regent Street. It hopes the new store will help increase brand awareness and is expected to open in autumn 2016.
The directors are expecting “significant growth” in 2016 and anticipate target revenue to reach in excess of £70m.