The STIGA Group experienced yet another year of record revenues with sales of 637 million Euros. A solid strategy enabled the Group to weather a year faced with a challenging global scenario, while further making investments to elevate its category innovation leadership positioning.
Castelfranco Veneto, Italy (July 11th, 2023) – STIGA Group, the leading European manufacturer and distributor of garden machinery and equipment, has announced details of its 2022 financial performance, as approved by its Board of Directors on June 30th, 2023. The Group experienced yet another year of record revenues with sales of 637 million Euros (+11% versus 2021) and an EBITDA of 63.9 million Euros (+4% versus 2021), allowing the group to provide customers with innovative products in 89 nations worldwide (+5 versus 2021). These results are remarkable considering a complex 2022 industry scenario, and a testament to the strength of the Group’s strategy and its continuous investments in products, people and processes.
Indeed, because of the Covid-19 pandemic, the home gardening sector experienced exponential growth as a consequence of new consumer purchasing habits. In 2022, this trend began to stabilise and was coupled with a challenging global context: an economic downturn, global inflation, supply chain disruptions and geopolitical uncertainty. Nonetheless, the Group’s solid strategy and nimble approach to business enabled continued successes and investments to further elevate its positioning in the market, which currently counts with a 9.8% market share in Europe (+9% versus 2021).
Sean Robinson, CEO STIGA Group, stated “Our 2022 financial performance is a remarkable testament to our people and the Group’s collective efforts to bring to market innovative, sustainable solutions.” He added, “In 2022, we invested 13.1 million Euros in research and development, focusing on technology introductions and competitive improvements that create quality products able to enrich the everyday lives of our end users”.
The Group’s record sales are a result of continuously increased performance in all markets and distribution channels in which it operates, particularly driven by the French, German and Export markets. New product innovative technologies and category entries – along with significant investments in reaching and engaging both the B2B and B2C markets – further helped drive revenues. Some of these include, but are not limited to: the further development and enhancement of battery-powered products, such as Swift (the first and only ride-on mower that shares its batteries with a whole range of other STIGA garden tools), the Gyro (the first drive-by-wire joystick mower with STIGA patented Direct Drive technology), Aero (the first lightweight cordless mower that rides on air) and other offerings such as Fulcrum (a completely new, re-designed handle technology for walk-behind lawn mowers).
Additionally, a ground-breaking new product – the STIGA autonomous robot mower – was introduced in Italy and Austria as test markets in 2022. This paved the way for the European launch of this innovative offering featuring more than 30 patents, which took place beginning 2023.
Looking ahead, STIGA Group will continue in 2023 to ensure the organization’s strategic vision continues to be pushed, with particular attention to responsible investing and actions that integrate sustainability more deeply into its business model, inspiring our customers and partners to do the same.
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