UK sales up 15% at Magnet

Swedish kitchen furniture group Nobia, owner of UK brand Magnet, has reported a positive start to 2022.

According to its first quarter trading update, total sales increased 6% to SEK 3,779m, profit after tax amounted to SEK 128m, down from SEK 132m.

The group said that Magnet delivered double-digit growth following a ‘solid winter sales campaign’.

Commenting on the UK, Jon Sintorn, President and CEO, said: “In the UK, Magnet sales grew organically by 15 percent, backed by price increases and the improved proposition with strong focus on our trade customers. Price hikes in the region fully offset the increased material cost in the quarter.

“Our first group-wide kitchen design concept “Nordic Nature” was named “Kitchen of the Year 2022” by “Ideal Home”. An inspiring reward, recognising our progress and strength in design and sustainability.”

Commenting on the wider group, Jon added: “We expect the high market uncertainty and rising inflation to continue throughout the year. Although, judging from our strong orderbook, we do not see any immediate impact on consumer demand.

“Having said that, we will be mindful of operating expenses in the inflationary environment and secure that we deliver on our important strategic projects, including the new state of the art factory in Jönköping which is progressing according to plan.”

Save this article for later

You can revisit this article if you save it as favourite news!

Leave a Comment

MORE ARTICLES

Jason Stone, CEO at bedroom furniture supplier Harmony Furnishings, talks about the launch of its new catalogue and collections, as well as the appointment of...