Home Finance & Investments Continued investment at Ebac as company announces annual results

Continued investment at Ebac as company announces annual results

John Elliott, Chairman of Ebac

Ebac, the County Durham-based electrical goods manufacturer, the only British company to produce washing machines, dehumidifiers & water coolers in the UK, has released its financial results for 2018. The figures reflect investment and development costs in new products and markets.

Turnover fell slightly to £16.2million, with mild weather conditions meaning sales of dehumidifiers remained static. Sales of washing machines were in line with forecast, with unit volumes 13% up on 2017.

The company posted an anticipated loss of £1.2million, which included the impact of development costs relating to a new watercooler product for the US market, continued investment in its washing machine production and investment in technology and logistics to facilitate more direct sales.

John Elliott, chairman of Ebac Limited, said: “2018 was a difficult year, but because there are no private shareholders it enables us to take a long-term view and continue to invest for the future.

“I am confident that the business will return to profit in 2019 and by 2020 will be reaping the reward of the investment in research and development of new products and markets.”