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Magnet owner says business is in a ‘strong position’

Magnet store

The company behind Darlington-headquartered kitchen manufacturer and retailer Magnet has increased turnover to £408m buoyed by an improvement in the UK market. Directors of the business said it is in a "strong position" and expect it will continue to be profitable, despite competition within the sector.

Nobia Holdings UK owns Magnet Ltd and sells its kitchen products under the Magnet brand.

In 1918 Magnet was founded as a joinery business and in 1975 became one of Britain's largest manufacturers of kitchen-related joinery products.

Ten years later the company entered the retail kitchens market and opened its first showroom before an expansion programme in 2000 resulted in about 170 Magnet showrooms being established nationwide.

In 2001 Magnet become part of Nobia, Europe's largest kitchens group.

For the year to 31 December 2014, Nobia Holdings UK reported turnover of £408m compared to £403m in 2013.

Pre-tax profit fell substantially from £49.6m to £18.2m although 2013's results did include a dividend income of £33m.

Writing in the strategic report accompanying the results, the company said the turnover increase was "largely due to the general improvement in the UK kitchen market".

However, it also stressed that it continues to operate in a competitive market place where continuing growth "is dependent on maintain existing customer relationships and developing new business".

Despite this, Nobia was buoyant about the future.

"The directors remain confident that the company is in a strong position in the market and anticipate that profits will continue going forward," it said.

Source : Matthew Ord – Insider Media

20 October 2015

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