Canon’s UK division noted a substantial sales increase despite enduring financial losses.
- Sales in the UK rose significantly, jumping from £282.3m to £376.5m in 2023.
- Pre-tax losses were curbed from £7.3m to £5.1m this financial year.
- Alterations in business models contributed to a rise in imaging and communications sales.
- Although the print division faced challenges, Canon maintained its leading market position.
Canon’s UK division experienced a notable increase in sales, yet continued to face financial losses over the last year. The company’s turnover surged from £282.3 million to £376.5 million in 2023, reflecting a changing business landscape in imaging technologies and communication channels.
Despite the significant sales growth, Canon’s UK arm could not achieve profitability, reducing pre-tax losses from £7.3 million to £5.1 million as per their newly filed accounts with Companies House. This is a decline from the last profitable year in 2021, when a pre-tax profit of £67.7 million was recorded.
Canon UK’s turnover increase is attributed to adjustments in the business model of the Imaging Technologies and Communication group, allowing a larger fraction of sales to be reflected in the reported figures. This change is designed to bolster sales recognition and financial transparency.
The print division encountered a decline, largely due to the cost-of-living crisis that dampened consumer demand during key periods such as the back-to-school and Christmas seasons. Nevertheless, Canon upheld its status as the top imaging brand and either preserved or enhanced its market share across primary segments.
Workspace revenue, which includes printer sales, rose by 14 percent to £134.1 million for the year. This was perceived as a positive development by the company leadership.
In a statement approved by the board, Managing Director Yusuke Mizoguchi expressed a forward-looking perspective, emphasising the importance of fostering responsible business practices and maintaining positivity despite challenges. “Looking forward, we continue to see businesses place a greater focus on responsible businesses, and as a brand with purpose, we’re committed to playing a leading role in that change,” Mizoguchi stated.
In sum, Canon UK’s increased sales demonstrate resilience amidst economic obstacles, with a strong emphasis on maintaining market leadership.
