The soaring popularity of air fryers has propelled the European arm of appliance giant SharkNinja to a landmark financial milestone. Newly filed accounts reveal that SharkNinja Europe's turnover surged by 43 per cent to reach £1.2 billion in 2024, smashing through the £1bn barrier for the first time.
Profits Dip Amid Aggressive Expansion
This remarkable sales growth was primarily driven by what the company describes as a "frenzy" for its latest air fryer models across the UK and Europe. However, the financial picture is nuanced. Despite the staggering revenue increase, the company's pre-tax profit fell sharply by 71 per cent to £23.5 million.
SharkNinja's board attributed this profitability squeeze to its strategic push into new geographical markets. "Expansion into new regions which have a typically lower sales price as the brand is unknown" impacted margins, the directors stated. To support this growth, the firm opened new warehouses to enhance supply chain efficiency.
Air Fryers Eclipse Traditional Microwaves
The success story of SharkNinja stands in stark contrast to the fortunes of traditional kitchen appliance segments. In a telling sign of changing consumer habits, Panasonic UK reported a 10 per cent drop in turnover from its microwave division, with sales falling to £44.8 million.
Panasonic cited a weak European consumer market, plagued by rising costs, inflation, and reduced customer spending willingness. The Japanese firm noted that while a full demand recovery is not expected before 2026, it is seeking to expand its customer base with new projects.
A Company Built on Innovation
SharkNinja's journey from a niche player to a kitchen powerhouse is notable. Founded in Montreal in 1994, it initially focused on steam cleaners and vacuums before moving its headquarters to Massachusetts. Its strategic shift into kitchen appliances like blenders, coffee machines, and ultimately air fryers, has redefined its market position.
The firm established its UK operations in 2013 and achieved a successful Nasdaq listing in 2023. Since going public, its share price has skyrocketed by more than 300 per cent. Recent quarterly results continue the positive trend, showing a 14.8 per cent sales jump to $4.3bn (£3.2bn) for the nine months to September.
Chief Executive Mark Barrocas expressed confidence in the company's trajectory, citing its "proven innovation engine" and expanding global footprint. He stated the firm is well-placed to continue delivering "sustainable, profitable growth and long-term value creation for our stakeholders."
