German family-run appliance maker Miele reported that its annual turnover topped 3 billion euros for the first time. The premium domestic appliances maker reported sales of 3.04 billion euros in its 2011/12 financial year, which ended on June 30, 2012. This corresponds to growth of 91 million euros and a year-on-year increase of 3.1%. Investments during the period rose from 113 million euros to 186 million euros.
Miele has workforce totals of about 16,700.
"This growth in sales is even more positive than it first appears given the continuing inclement economic backdrop in many of our important markets", said Miele Director of Finances, Controlling and Administration Olaf Bartsch. "Current growth is above all driven by Germany, Austria, China, and the U.S."
In its German home market, Miele grew turnover by 47 million euros to 912 million euros, up 5.5% from the previous fiscal year.
Germany's share of total Miele turnover now stands at 30.2%, up from 29.6% in the previous year. High-end built-in kitchen appliances, in particular, experienced above-average growth.
The Miele board of directors includes Bartsch as well as the two Managing Directors and Co-Proprietors, Dr. Markus Miele and Dr. Reinhard Zinkann. The board also includes Dr. Heiner Olbrich, marketing/sales, and Dr. Eduard Sailer, technical affairs.
The Miele board expressed "cautious optimism" in regards to its 2012/2013 financial year. In view of the still volatile framework conditions, as seen in the debt crisis in southern Europe, the board said "it is hardly possible to hazard a forecast which will hold water."
Miele Management nevertheless forecasts 'moderate growth' without any further specifications.
"A positive asset under such conditions is the charisma of our brand as people turn to quality, lasting values and dependability more than ever in times of economic uncertainty," said Reinhard Zinkann.
He noted that, recently, consumers in Germany, Austria, Portugal, Belgium, and the Netherlands once again voted Miele the Most Trusted Brand of domestic appliances.
"With our current product portfolio including new entries in the short- and medium-term pipeline, our company is in an excellent position moving forward and well able to grow throughout all phases of the economic cycle," said Markus Miele.
The company said its Miele Professional division has demonstrated strong growth. At 393 million euros, business in Miele Professional including services is up 5.9%. Medical technology, in particular, is a field in which Miele has successfully made the transition from being machine manufacturer to full-line supplier to hospitals and surgeries.
With sales abroad amounting to 2.11 billion euros, Miele achieved turnover growth of 2.3% outside Germany. Dramatic market decreases in countries such as Greece, Portugal, Spain, and Italy were offset by new growth in northern Europe.
High-potential Miele markets such as the United States and Russia, which saw turnover losses in 2008 and 2009, regained much of their footing in the past business year.
Miele said strong expansion impetus is also coming from Asian markets such as China and Hong Kong.
to Daily News