The UK arm of Hisense have reported a turnover of £373.8m for 2024, a sizeable increase from £300.4m it reported in 2023 with pre-tax profit rising from £2.8m to £3.7m.
Hisense said its sales were boosted by its move to offer customers discounts if they settled their outstanding payments before the end of the year.
But despite the division’s sales success, the company did point to the impact rising costs had on its finances during 2024.
However these results have been tempered by some warnings that Hisense have stated notably with statements from the board saying that: “Against this challenging background we are faced with higher costs.
“This can be seen with administration costs increasing by 28.53 per cent which compares adversely to the 24.44 per cent increase in turnover.
“The higher administration costs were mainly driven by a rise in rental and property management expenses because of the offie relocation. Alongside the distribution cost increasing by 32.91 per cent.
“Nevertheless, the profit margin this year was 1.01 per cent in comparison to 2023 which was 0.94 per cent.”
Another interesting UK specific note was that: “In previous statements we have emphasised the need for a prudent approach to expansion.
“Given the current economic uncertainties in the UK, we will maintain a cautious yet strategic growth strategy to ensure long-term sustainability.
Hisense seems to have a focus on lowering debts, presumably to resellers, by offering discounts for early settlement of any debts.
But what these results say to us is that Hisense is making progress in the UK market and shows no sign of slowing down anytime soon with the increase here representing little over a 23% increase year over year.
