Edition:
United Kingdom

Nobia Q2 Operating Profit Up At SEK 391 Million


Friday, 19 Jul 2019 

July 19 (Reuters) - Nobia AB ::INTERIM REPORT JANUARY - JUNE 2019.Q2 NET SALES SEK 3.75 BILLION VERSUS SEK 3.50 BILLION YEAR AGO.Q2 ORGANIC GROWTH -1 % VERSUS NEGATIVE 2% YEAR AGO.Q2 OPERATING PROFIT AMOUNTED TO SEK 391M (387).PERFORMANCE IN NORDIC RETAIL COUPLED WITH IMPROVEMENTS IN OUR SUPPLY CHAIN MITIGATED SOFTER MARKET CONDITIONS AND INCREASING INFLATIONARY PRESSURE.UK MARKET CONTINUES TO BE SOFT ON BACK OF BREXIT UNCERTAINTY, WITH RETAIL SEGMENT REMAINING CHALLENGING IN TERMS OF BOTH PRICE AND VOLUME..WITH AN ORGANIC GROWTH IN UK OF -1% WE ESTIMATE TO HAVE CAPTURED SHARES IN A DECLINING MARKET.DELIVERIES TO OUR LARGER PROJECTS IN LONDON ARE ALSO PROGRESSING WELL WHICH SHOULD GIVE TAILWIND GOING INTO SECOND HALF OF 2019.WE BELIEVE HIGH MARKET VOLATILITY AND INFLATIONARY PRESSURE IS LIKELY TO CONTINUE, ESPECIALLY ON BACK OF BREXIT.HOWEVER, WE ARE CONTINUING TO GROW SALES THROUGH OTHER CHANNELS, INCLUDING MAGNET TRADE.HIGH MARKET VOLATILITY AND INFLATIONARY PRESSURE IS LIKELY TO CONTINUE, ESPECIALLY ON BACK OF BREXIT.OUR RECENT TREND IN NORDIC RETAIL AND UK TRADE COUPLED WITH IMPROVED SUPPLY CHAIN PERFORMANCE PUTS US IN A FAVOURABLE POSITION TO GROW MARKET SHARES AND IMPROVE PROFITABILITY.WE ARE IMPLEMENTING PRICE INCREASES AND COST OUT INITIATIVES TO OFFSET MOUNTING INFLATIONARY PRESSURE.IN CENTRAL EUROPE OUR LATEST ACQUISITION BRIBUS IS PERFORMING ABOVE EXPECTATIONS AND WE ARE NOW INVESTING IN SUPPLY CHAIN TO CATER FOR PROFITABLE GROWTH. 

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23 Aug 2019