Yahoo Finance Bic pens UK sales rise despite ‘highly competitive’ market
The UK arm of pen, razers and lighter brand Bic has seen sales nudge up despite a “constant” inflationary changes impacting its customers, newly-filed documents have revealed.
The company, whose UK headquarters are located in Middlesex, increased its turnover to just over £51m in 2023, up from £46m in the year before.
However the company’s UK pre-tax profit remained just below its 2022 figure, hitting £7.2m in the 12 months, down from £7.3m in the year before.
The directors recommended and paid a dividend of £5m, up from £3m in 2022.
In a statement published to Companies House, Bic said: “The company moves in the fast-moving consumer goods environment, with all the challenges and risks associated with that highly competitive sector.
“These include selling to an increasingly demanding customer base and the necessity for constant ew product development and innovation.
“However no events occurred during the year that would constitute a significant risk to the ongoing development and growth of the business and future prospects therefore remain positive.
“In the current environment, with inflationary changes constantly taking place, which impacts costs, demand for the company’s products and their supply chain, the company has considered these factors and will mitigate them going forwards.”
Bic downgrades lighter sales forecast
In April Bic’s parent company, which is headquartered in France, reported sales worth €538m (£454m) in the three months ending March 24, 2024, up from just over €521m (£440m) in the same period the year before.
However last month the company downgraded its sales forecast for the year as it said demand for lighters in the US had decreased more than expected.
Gonzalve Bich, Bic’s CEO, said: “In a challenging macroeconomic environment, marked by continued inflationary pressure and uncertain geopolitical context, we delivered flat net sales at constant currency excluding Argentina in Q1 2024.
“Challenges did persist in the Flame for Life segment due to Asian imports in the US market, but a gradual recovery is anticipated from Q2.
“Bic’s strong commercial focus, compelling value proposition and brand loyalty enable us to win share in key markets.”
