Bowers & Wilkins has axed dozens of positions following an $8m (£6m) loss despite experiencing a rise in sales, according to its most recent accounts.
The upmarket headphone and speaker manufacturer, which features David Beckham amongst its brand ambassadors, has slashed its workforce by 14 per cent, eliminating 50 production roles alongside the implementation of new "robotics" manufacturing processes. The company incurred $557k in redundancy costs for management personnel, as reported by .
The British audio firm posted total revenue of $179m in 2024, marking a 6.5 per cent increase on the prior year, bolstered by a 60 per cent surge in headphone sales.
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However, sales of its premium loudspeakers, which command prices of up to £55,000, fell by approximately 4 per cent.
"Taking account of planned product launches over the next 18 months, the growth of e-commerce sales and the positive impacts expected from building brand awareness, website activities, expanded licensing portfolio and synergy benefits, the directors consider the company to be well positioned to compete successfully going forward in an ever more premium audio segment and in the high-quality headphone category," Bowers and Wilkins stated.
The company added that it "has continued to invest in its manufacturing facilities with the innovative use of processes and robotics in the Zhuhai, China and Worthing, 海角视频".
Bowers and Wilkins sale to Samsung
The announcement comes as American health tech and consumer electronics company Masimo prepares to offload its audio division, which includes Bowers and Wilkins and Japanese firm Denon, to Samsung subsidiary Harman, the owner of Harman Kardon, AKG and JBL.
The $350m transaction, initially revealed in May, is set to finalise by the end of September, according to Bowers and Wilkins.
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Masimo's Chief Executive, Katie Szyman, stated: "Since I took over as CEO, a key objective has been refocusing our business to ensure we are allocating time and resources to areas of unmet clinical need and driving growth and operational efficiencies. ".
She added: "This transaction aligns with these objectives. Our consumer audio business and its talented team will be well positioned for growth and success under Harman's leadership."