Bosch 'committed to UK market' despite challenging conditions
Tech giant Bosch saw a 2.6 per cent drop in UK sales to £3.2 billion in 2019.
The German-headquartered multinational blamed the slight drop on challenging market conditions, including Brexit.
Despite the ongoing effect of COVID-19, UK President Dr. Steffen Hoffmann said it remains committed to the region.
“We have not just faced tough market conditions, but also the unprecedented uncertainty around Brexit and the future trade relations with the EU,” he said.
“Although we would have wished for a more positive overall sales development, given these challenging circumstances, we are pleased with our performance.
“Whilst the current [coronavirus] situation makes for a challenging year for the UK, we remain committed to the local market and its long-term potential.”
Whilst challenges in the global automotive sector impacted sales, driver assistance products and engineering services for the luxury segment saw strong growth.
The industrial technology division saw flat growth. The company said that continued demand for UK infrastructure projects and orders from key UK customers demonstrate its strength in this sector, particularly in mobile hydraulic drives for construction machines.
However, the uncertainty around Brexit delayed many future investment decisions.
The consumer goods business sector – home appliances and power tools – held up their position in the market with a 0.8 percent growth, despite challenging market conditions.
Thanks to a key focus on the online consumer across a number of retail partners, power tools online sales achieved double digit growth.
The firm’s strategic focus for 2020 is to provide innovative solutions to support the green agenda and decarbonisation.