Husqvarna boosts its electric sales

Photo: Husqvarna Group

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.