Home appliance maker Breville maintained its EBITDA margin at 14.0% in 2018 despite increased costs from U.S. tariffs on Chinese exports in its Americas business. The firm did however see increased cash outflows for “pre tariff inventory build in US and Brexit cushion for UK”. The firm’s U.S. supply chain relies on China for 83.6% of its seaborne imports, with stockpiling visible in the 50.1% increase in imports seen in 4Q compared to a year earlier. Growth has continued in the new year though at a lower level. Should tariffs increase Breville could find alternative ...