Sharkninja: UK’s love affair with air fryers helps brand serve up bumper profit
The UK’s continued love affair with air fryers helped the European arm of Sharkninja surge back into the black as its sales jumped by over £300m.
The Leeds-headquartered division has reported a pre-tax profit of £81.5m for 2023, having made a pre-tax loss of £19.7m in 2022.
The last time Sharkninja reported a pre-tax profit was the £13.9m it achieved in 2021. At that time, its revenue stood at £440.9m.
Newly-filed accounts with Companies House also show that the firm’s revenue for 2023 increased from £507.5m to £844.7m.
In the UK, the air fryer maker generated a revenue of £683.1m up from £435.2m while its sales in the rest of Europe also jumped from £72m to £161.2m.
In the rest of the world, its revenue rose from £206,000 to £288,000.
During the year the average number of people employed by the division rose from 238 to 292.
Air fryer maker Sharkninja targets new markets
A statement signed off by the board said: “The increase in gross profit has been driven by cost optimisation efforts to keep costs down on the cost of goods sold and also more focus on the direct to consumer market which has stronger margins than the business-to-business market.
“The directors consider the improvement in sales and gross profit to be a satisfactory result.
“The focus for the year has been on growth via both introducing new categories and expanding into new geographies, which has led to the opening of new warehouses to improve efficiencies in the supply chain and cope with the increased product offering.”
On its future, Sharkninja added: “The company is looking forward to consolidating its position in the EU and expanding into further European markets whilst still challenging and pushing forward in its aim to become [the] market leader across Europe.
The UK division is part of the wider Sharkninja group which is headquartered in Massachusetts, USA, and listed on the New York Stock Exchange.
In the same financial year, the group reported a rise in its sales of 14.4 per cent to $4.25bn (£3.25bn) while its earnings before interest, taxes, depreciation and amortisation (EBITDA) jumped by 38.5 per cent to $719.7m (£550.7m).
For the first half of its current financial year, Sharkninja posted net sales of $1.24bn (£948.9m), up 31.4 per cent, while its adjusted EBITDA grew by 47.6 per cent to $167.7m (£128.3m).