Losses have nearly trebled at the º£½ÇÊÓƵ division of imaging and printing behemoth Canon, as its results failed to meet internal forecasts.
The Uxbridge-based operation has recorded a pre-tax deficit of £14.4m for 2024, according to fresh filings lodged with Companies House, as reported by .
The most recent pre-tax shortfall follows Canon º£½ÇÊÓƵ's £5.1m loss recorded in 2023.
Canon º£½ÇÊÓƵ last delivered a pre-tax surplus in 2021, when it achieved £67.7m.
The fresh accounts reveal that the firm's revenue also contracted during the equivalent timeframe, dropping from £376.5m to £351.3m.
The revenue decline occurred despite sales climbing by nearly £100m during 2023.
Previously, Canon º£½ÇÊÓƵ explained that its 2023 revenue was "considerably higher" due to modifications in the business structure for the Imaging Technologies and Communication group channel and product distribution, resulting in a greater share of transactions being recorded in the financial statements.
Canon to focus ‘on what is in our power to control’
A declaration endorsed by the board stated: "In light of the ongoing political and economic changes over the last few years, we have adjusted our plans to ensure we continue to meet the needs of our customers and remain fit for the future, by focusing on what is in our power to control.
"Although we had a successful year in many respects, our expectations for 2024 fell short of our ambitious targets, but we are excited for the future in the knowledge we ave cutting edge technology across our portfolio with more new products in the pipeline for 2025."
The broader Canon group, based in Japan and primarily listed on the Tokyo Stock Exchange, has reported its º£½ÇÊÓƵ results.
This follows a report by City AM in February that rival Nikon saw its profits halved due to a decrease in demand for its healthcare business.
The Japanese conglomerate's division reported a pre-tax profit of €13.5m (£11.2m) for the year ending 31 March, 2024.
This is a significant drop from the previous financial year when Nikon posted a pre-tax profit of €26.8m.
The results also indicated a decline in its European turnover from €478.2m to €475.4m during the same period.
However, in the º£½ÇÊÓƵ and Ireland, Nikon's turnover rose from €56.5m to €58.5m. Despite a drop in sales from €107m to €105.1m, Germany remains its largest market.
