Nobia's sales in the third quarter amounted to SEK 3,568 million (3,690) and organic growth was negative 9 per cent, primarily as a result of weaker sales in the Nordic region. Profit after tax was SEK 37 million (101) and earnings per share after dilution were SEK 0.22 (0.60).
Operating profit for the third quarter excluding structural expenses amounted to SEK 107 million (180). The operating margin was 3.0 per cent (4.9). The quarter was also charged with SEK 14 million in structural expenses. The currency effect was negative SEK 20 million (neg: 30).
Sales of kitchens rose during the third quarter in the UK and Austria. Demand for new builds in the Nordic region remained weak, which had an adverse impact on operating profit.
Operating cash flow remained positive at SEK 117 million (175).
Comments from the CEO
"The European market remained weak, although in many areas we can see tendencies toward a certain stabilisation on a new low level," says President and CEO Preben Bager. "We noted that interest in kitchen renovations is slowly increasing, particularly in the Nordic region. In the UK region, we saw increased kitchen sales in all price segments and sales channels. We are making further preparations for structural measures in a bid to take full advantage of the benefits of the size of our company."
Nobia develops and sells kitchen solutions through a number of strong brands in Europe, including Magnet in the UK; HTH, Norema, Sigdal, Invita and Marbodal in Scandinavia; Petra and A la Carte in Finland; as well as ewe, Intuo and FM in Austria. Nobia generates profitability by combining economies of scale with attractive kitchen offerings. The Group has approximately 6,100 employees and had net sales of about SEK 13 billion. The share is listed on Nasdaq Stockholm under the ticker NOBI. Website: www.nobia.com