Consumer and tech-centric product strategy pays off.

 

Global office products and consumer technology company ACCO Brands Corporation has posted a record full-year sales result for the 12 months ended 31 December, 2021.

 

Net sales were up 22.4 per cent to US$2.03 billion, boosted by a US$250 million injection from gaming technology division PowerA.

 

Fourth quarter sales were up 24 per cent to $US 570 million.

 

The Illinois-based company’s international division, which includes Australia, reported sales of US$320 million, up by 3.5 percent from US$309.2 million in 2020 due to US$12.3 million from PowerA, and favorable foreign exchange of US$8.6 million. Comparable sales were US$299.1 million, down 3.3 percent, as higher pricing was offset by lower volume related to the continuing impact of COVID-19, particularly in Brazil and Mexico.

 

"Our strategy of shifting the business toward faster-growing, consumer and technology-centric categories and channels is bearing excellent results with record sales in the fourth quarter and full year 2021. We delivered strong earnings and free cash flow in the quarter and for the year, expanded margins, raised our dividend, and reduced debt. Our hard work, investments, and portfolio changes over the past few years have positioned us well for organic sales and profit growth," Boris Elisman, chairman and CEO of ACCO Brands (pictured), said.

 

"We have good business momentum and expect similar comparable sales growth and continuing profit and free cash flow improvements in 2022," Elisman added.

 

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