(AOF) – Cabasse unveiled a consolidated turnover down 8% to 10.1 million euros. “The end of the year was penalized by the later than expected launch of the new Wireless Luxury Audio products from the new Connected Classic collection due to supply difficulties or sometimes unavailability of certain electronic components. keys (amplifiers and digital-to-analog converters) “explained the French high-fidelity audio company.
Also at the end of the year, Cabasse had to deal with reduced order intake from specialized mass distribution players, leading destocking policies.
In total, Cabasse assesses its shortfall at around 1.5 million euros in turnover over the last quarter. It came to 3 million euros, down 33%.
In 2023, Cabasse aims to return to double-digit sales growth over the full year, a pace of growth in line with the company’s ambition to achieve average annual growth of more than 15% over the period. 2021-2025.
“While key component supply difficulties will gradually ease in the first half of 2023, the financial year will be marked by an acceleration in growth in the second half, with in particular the launch of two major new products at the end of the year” specifies the firm of Plouzané.
In the longer term, Cabasse reiterates its objectives formulated on the occasion of its IPO: average annual growth of more than 15% over the period 2021-2025 and a normative EBITDA margin of 15% in the medium term.
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Growth of the French market in value
According to the Gfk institute, the sector generated sales of 4.8 billion euros in 2021, up 2% compared to 2020. The product families that benefited from the best performance are in particular helmets and accessories as well as televisions. However, while the French consumer electronics market grew in value last year, it fell in terms of volumes (-2% with 51 million units sold). This trend can be explained by a move upmarket in products: Bluetooth speakers are more powerful or even television sets use more innovative technologies. Thus the development of technologies that improve image resolution (Oled, Qled, miniled) and the size of screens have caused an increase of more than 20% in the average price. Consumers are also looking for more sustainable products.