Leeds United sponsor Hisense sees 'lots of space for growth' after surpassing £300m revenue target

Leeds-based TV and domestic appliance manufacturer Hisense still has “lots of space for growth” after recently surpassing £300m in annual revenue, the firm's UK vice-president has told The Yorkshire Post. 
The British arm of the Chinese technology giant launched in this country in 2012 with an initial focus in this country on selling fridges. But in the years since it has substantially expanded its product range including offering state-of-the-art televisions.

In its recently published annual results for 2023, the company recorded revenue of £300.4m, 25 per cent on 2022. Profit stood at £2.3m, 43 per cent higher than the previous year.

The British operation is a small cog in a much bigger wheel, with Hisense having around 100,000 employees globally, a turnover of almost $30bn and its own vast research and development centres across the world.

Meeting The Yorkshire Post at the company’s impressive new offices and showroom at the White Rose Office Park, vice-president Howard Grindrod  said the UK operation is already on course to beat the 2023 revenue figure in 2024 and sees further growth on the horizon.

"I wouldn’t want to put a number on it but we have lots of space for growth because we have new product ranges coming in,” he said. 

The Yorkshire team now involves 95 direct employees. Mr Grindrod said the UK business started with just “five or six of us” and has grown in stages, with a major change coming in 2018 following the acquisition of Slovenian business Gorenje.

"It was very strong in cooking, laundry and dishwashers. Since then we have been able to grow our range of products which gives us a full base of major domestic appliances. Plus we’ve been able to grow our TV business really quite dramatically.”

The company’s showroom – which is aimed at visiting retail partners rather than the general public – highlights the growing range of premium Hisense products on the market, including ovens, washing machines and dishwashers. The latter two products have versions that are capable of ‘talking’ to each other about the washing they are doing while ovens have touchscreens and connected app usage.

Mr Grindrod said: “Our objective is to have 10 per cent brand share in all those areas. We want to get the company into balance so you as a consumer see the Hisense brand and your recognition is that we make TVs, we make every major domestic appliance that you would want in your home.”

He said: "What I’m happiest about is the way all the products have come together over the past two years. The whole business has worked very hard to get the product line up right. What we have got now is a fantastic range of products and we are in a position where we are able to evolve.