Consumer Business Reports Strong Gain
Signify Announces 2023 and Q1 2024 Financial Results
Signify announces comparable financial results for its financial performance for the year 2023 and Q1 2024. Following a new organizational structure implemented on 1 April, the company now operates through four verticalized businesses: Professional, Consumer, OEM, and Conventional.
Overview of Signify’s Comparable Financial Results
The restructuring aims to enhance efficiency by giving each business full profit and loss responsibility, including development, manufacturing, and sales. Here’s a detailed breakdown of each segment’s performance:
| Business | 2023 Sales (EUR million) | 2023 Adjusted EBITA (EUR million) | 2023 Adjusted EBITA Margin | Q1 2024 Adjusted EBITA Margin Change |
|---|---|---|---|---|
| Professional | € 4,254 | € 412 | 9.70% | Decreased from 7.9% to 7.4% |
| Consumer | € 1,342 | € 120 | 8.90% | Improved from 6.0% to 10.4% |
| OEM | € 457 | € 43 | 9.40% | Decreased from 9.6% to 8.8% |
| Conventional | € 627 | € 127 | 20.30% | Decreased from 22.3% to 17.6% |
Professional Business
The Professional business, a combination of former divisions, recorded sales of €4,254 million with an Adjusted EBITA of €412 million in 2023. The Adjusted EBITA margin slightly decreased in Q1 2024.
Consumer Business
Signify’s Consumer business, which includes Philips Hue and WiZ, achieved sales of €1,342 million and an Adjusted EBITA of €120 million in 2023. Notably, the Adjusted EBITA margin improved significantly in Q1 2024.
OEM Business
Specializing in lighting components, the OEM business recorded sales of €457 million with an Adjusted EBITA of €43 million. The Q1 2024 Adjusted EBITA margin saw a slight decrease.
Conventional Business
The Conventional business, similar to the former Conventional Products division, reported sales of €627 million and an Adjusted EBITA of €127 million in 2023. The Adjusted EBITA margin decreased in Q1 2024.
Signify’s restructuring aims to streamline operations and improve focus across its diverse business segments, ensuring better alignment with market needs and enhanced operational efficiency.
Read the press release here.
Leare more about Signify, here.