Husqvarna boosts its electric sales
By Julian Buckley18 March 2022
Husqvarna has released its annual report covering business performance over 2021.
According to the published figures, operating income over 2021 increased 27% to SEK 5,684 million ($601 million). In addition, the report states ‘[the company] achieved all financial targets’. This includes a 15% increase in organic growth, together with a 12.1% increase in profitability.
Targets for 2022, outlined at the group’s Capital Markets day in December 2021, include 5% organic growth and 13% profitability.
Capital efficiency, covering working capital in relation to net sales, reached 21.8%; the target for 2022 is 20%.
The report further highlighted the changes which the company has made to its business, including a greater emphasis on sustainability. Across 2021, electrified products made up 37% of all sales (up from a baseline of 11% in 2015).
In his comments, CEO and chairman Henric Andersson said that to support increased sustainability, the company is planning to increase the share of electrified products sold to two-thirds of all sales over the next five years.
This will be supported with such products as the recently-introduced 94V Pace battery system, which features in the K 1 Pace power cutter. This is described as delivering equivalent performance to a fossil-fuel power cutter.
The increased interest in electrified products has helped Husqvarna to reduce CO2 emissions by 27%, when compared to 2015 figures.
The statement further put forward that forest and garden products represent 85% of company sales. According to Husqvarna, the company benefitted from an increased interest in gardening as customers were required to stay at home due to the COVID pandemic.