Canon: UK losses almost triple after expectations fall short
Losses have almost tripled at the UK arm of camera and printer giant Canon as its performance fell below its expectations.
The Uxbridge-headquartered division has reported a pre-tax loss of £14.4m for 2024, according to new accounts filed with Companies House.
The latest pre-tax loss comes after Canon UK posted a loss of £5.1m for 2023.
The last time Canon UK reported a pre-tax profit was the £67.7m achieved in 2021.
The new accounts also show that the company’s turnover declined over the same period from £376.5m to £351.3m.
The fall in turnover came after its sales surged by almost £100m in 2023.
Last year, Canon UK said its turnover was “considerably higher” in 2023 because of a change in business model for the Imaging Technologies and Communication group channel and product sales meaning that a larger proportion of the sales were recognised in the accounts.
Canon to focus ‘on what is in our power to control’
A statement signed off by the board said: “In light of the ongoing political and economic changes over the last few years, we have adjusted our plans to ensure we continue to meet the needs of our customers and remain fit for the future, by focusing on what is in our power to control.
“Although we had a successful year in many respects, our expectations for 2024 fell short of our ambitious targets, but we are excited for the future in the knowledge we ave cutting edge technology across our portfolio with more new products in the pipeline for 2025.”
The wider Canon group is headquartered in Japan and has its primary listing on the Tokyo Stock Exchange.
Canon UK’s results come after City PM reported in February that its rival Nikon’s profit was cut in half amid falling demand in its healthcare business.
The division of the Japanese giant reported a pre-tax profit of €13.5m (£11.2m) for the 12 months to 31 March, 2024.
The latest figure comes after Nikon posted a pre-tax profit of €26.8m in the prior financial year.
The results also showed that its European turnover declined from €478.2m to €475.4m over the same period.
In the UK and Ireland, Nikon’s turnover increased from €56.5m to €58.5m. Germany remained its biggest market despite its sales falling from €107m to €105.1m.