Nobia: 2007 earnings per share rose by 12 per cent

 

 

Sales for kitchen company Nobia rose by 7 per cent in 2007 to SEK 16,622 million (15,590). Profit after tax rose by 11 per cent to SEK 958 million (865). Earnings per share amounted to SEK 5.50 (4.93) after dilution. The Board of Directors proposes a dividend of SEK 2.50 per share (2.00 after the 3:1 split).

 

Organic growth for the full-year amounted to 7 per cent (11). Growth is primarily attributable to increased sales in the UK, where organic growth reached 11 per cent, and higher sales of accessories. Operating profit for the year was strengthened and amounted to SEK 1,353 million (1,327).

Operating profit was negatively affected by more expensive raw materials and costs associated with shortcomings in delivery reliability, while increased sales and lower corporate taxes had a positive impact.

 

Operating profit for the fourth quarter amounted to SEK 349 million (347). The operating margin was 8.1 per cent (8.6)

Operating profit was positively impacted by higher sales volumes, but negatively impacted by more expensive raw materials and costs for shortcomings in delivery reliability and currency effects.

Towards the end of the year, demand for kitchens weakened in Nobia's primary markets, except for France and Sweden. Organic growth for the quarter amounted to 6 percent.

  

"We are pleased that our delivery capabilities have been restored in the Nordic region, that our market position in the UK was strengthened and that we invested in the development of stores. Through the joint-venture Culinoma, we have made three acquisitions and thereby created a market position in Germany that can be further developed. We are continuing to pursue our work in line with the established strategy," says President and CEO Fredrik Cappelen.