Nobia: Earnings per share up 12 per cent
Sales for kitchen company nobia increased by 4 per cent during the second quarter to SeK 4,464 million (4,288). organic growth amounted to 6 per cent. Profit after tax totalled SeK 306 million (273). Earnings per share increased by 12 per cent to SeK 1.74 (1.55) after dilution.
Operating profit amounted to SEK 447 million (422) and the operating margin was 10.0 per cent (9.8). The largest earnings improvement was in the UK region.
Demand for kitchens remained favourable in all principal markets except Germany. Higher prices for raw materials resulted in upward pressure on purchasing costs.
Effective from the second quarter, the acquisition of German company Plana is included in 50 per cent-owned Culinoma's accounts. After the end of the period, Culinoma signed an agreement for the acquisition of the majority holding in the German Marquardt Group.
Since the beginning of the year, a total of 17 new stores have been opened by the Group. At the end of the second quarter, Nobia had a total of 664 stores.
Comments from the CEO:
"Although the Group's earnings have improved, earnings in the Nordic region are unsatisfactory. Measures have been taken to resolve the production problems. We are very pleased that we have succeeded in completing another exciting German store acquisition, this time with a unique concept, thereby creating a strong platform for further organic growth in Germany. Furthermore, Nobia has also decided today to increase the pace of store openings in the UK and France, as well as entering Spain," says President and CEO Fredrik Cappelen.