Pilot’s performance included growth in the Americas offset by weaker sales in Europe.

 

The Japan-based writing instruments giant reported 2023 revenue of ¥118.6 billion ($790 million), a reported year-on-year increase of 5.1%. Below is a summary by region:

 

Americas

A reported increase of 10.2% to ¥35.4 billion, although this included the impact of favourable exchange rates. Sales of G2 and Frixion pens were strong in the US, with whiteboard markers driving growth in the Brazilian market.

 

Operating profit for the region almost doubled year on year to ¥1.2 billion.

 

Europe

Even a depreciation in the value of the yen versus the euro of around 10% in 2023 could not prevent revenue in the region declining by almost 5% to ¥24.3 billion. Pilot said market conditions remained weak due to soaring prices, with customers reluctant to buy relatively expensive brands such as Frixion.

 

Japan

Pilot’s home market had a good year in terms of the top line. Domestic sales increased by 8.5% to ¥29 billion, while exports to distributors (mainly in Asia) were up almost 21% to ¥10.1 billion.

 

Revenue was boosted by the investment in Japanese stationery brand Mark’s, in which Pilot acquired a stake of almost 70% at the start of 2023. This transaction forms part of Pilot’s diversification strategy into other segments, such as general stationery, toys and industrial applications. One of the goals of the company’s 2030 Vision plan is to grow sales of non-writing instruments to 25% of total revenue (they are currently about 10%).

 

Another goal is overseas expansion, and in 2023 this included setting up a subsidiary in India. In 2024, some production will move to the facility in India, representing a capital expenditure of ¥1.8 billion. Pilot said this would reduce risk at its Isesaki plant in Japan.

 

Pilot also announced a change in its senior management structure, effective 28 March. Fumio Fujisaki, a 40-year company veteran and formerly Managing Director of Pilot Corporation of Europe, will become President.

 

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