Leica has just released its results for financial year 2023/24, and the news is good. The Leica Camera Group registered an increase in revenue of 14% to €554M against the previous year’s figure of €485M. Leica’s financial results for last year are therefore the best in the company’s history.
The most significant driver of these results was the core product Photography segment. It benefited significantly not only from new products but also from the ongoing expansion of the group’s own global sales network. The company also saw strong revenue growth in its Mobile Imaging segment (smartphones).
Leica is understandably proud of achieving its best financial performance in the company’s almost 100-year history.
According to CEO of Leica Camera AG, Matthias Harsch, Leica’s financial results reflect “the market’s growing demands for a premium and sustainable premium brand experience”. The most significant revenue driver was the Leica Q3, which Macfilos has covered extensively. The company also introduced the Leica M11-P, the world’s first camera with ‘Content Credentials’, guaranteeing the authenticity of digital images. Yet another addition to the Leica M-System, was the Leica M11 Monochrom.
Leica’s financial results also reflect its expansion into new segments. For example, the company acquired the Norwegian company Fjorden Electra AS, a developer of smartphone apps and accessories. Their joint development of the Leica LUX photo app apparently further strengthened its Mobile Business segment. Together with its Xiaomi partnership and the current Xiaomi 15 Series with Leica optics, the photo app is becoming an important part of its strategy.
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The other key figures are not yet in the public domain, so whilst sales growth is good it is not necessarily the full story. I am minded of the tale that Ford reverse engineered the original Mini and costed it, and concluded that BMC was loosing £5 (1959 prices) on every car.So lets hope Leica profits mirror sales.