Nobia: Continued favourable organic growth

 

 

Sales for kitchen company Nobia rose by 6 per cent ­during the third quarter to SEK 3,861 million (3,631). Organic growth amounted to 6 per cent. Profit after tax amounted to SEK 189 million (189). Earnings per share rose by 2 per cent to SEK 1.09 (1.07) after ­dilution. Operating profit was SEK 272 million (280) and the operating margin was 7.0 per cent (7.7).

 

Demand for kitchens remained stable in all of Nobia's principal markets, except for Germany and the Netherlands, where demand declined. Continued elevated prices for raw materials resulted in upward pressure on purchasing costs, which consequently had a negative impact on the operating margin.

Effective from the second quarter, Plana is included in 50 per cent-owned Culinoma's accounts and Marquardt is included from 1 September. After the end of the interim period, Culinoma signed an agreement for an additional acquisition in Germany, namely the Asmo Group.

At the end of the third quarter, Nobia excluding Culinoma had a total of 661 stores (Group-owned and franchise) meaning that a total of 14 new stores have been opened since the beginning of the year.

 

"The development in the UK region is satisfactory with increased sales and a strengthened operating margin, and in the Continental Europe region we are continuing to strengthen the retailer stage, most recently with the acquisition of Asmo in Germany. At the same time, we can state that the realignment in the Nordic region has cost more than expected, with one of the consequences being shortcomings in delivery capacity. However, if we look at the end of the period, we can see that the measures we have taken have started to generate effects," says President and CEO Fredrik Cappelen.