Godfreys aims to clean up on stock market

Godfreys heads for stock market listing

Vacuum cleaner specialist Godfreys is making a $78 million entry to the share market to help fund its development of new high-tech cleaners.

The 83-year-old company wants to capitalise on a growing demand for advanced and health-focused products, such as bagless vacuums, air filters for allergy sufferers and robotic cleaners.

“In 2006, 75 per cent of our business was vacuum cleaners, and today it is just over 50 per cent,” managing director Tom Krulis said.

“So the cleaning category generally has a lot of growth, in terms of the products that are being developed worldwide.

“We’re following these trends, we’re innovating, we’re tooling up, we’ve got our own design team … and we’re passionate about delivering new products to the market.”

Mr Krulis and his management have overhauled the company since taking it back from private equity owners in 2011.

Godfreys was established during the Depression by Godfrey Cohen, who quickly went from selling vacuum cleaners in his father’s furniture store to his own setup in Melbourne’s Prahran market.

It now designs and makes it own cleaners, and holds the exclusive sales licence for Hoover, operating from 209 stores in Australia and New Zealand.

That network is expected to grow by at least 10 stores every year, Mr Krulis said.

Godfreys is offering more than 28 million shares priced at $2.75 each to raise $77.7 million, and expects those shares to begin trading on the share market on December 10.

It expects to make a net profit of $12.8 million in the 2014/15 financial year, up from $5.7 million in 2013/14.

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Godfreys aims to clean up on stock market