Nobia has reported a 10% increase in sales to SKr3.3 billion (£269 million) in Q4 2015, bolstered by currency effects and organic growth.
Last month, the group announced a one-off cost of SKr96m (£7.8m), which was a result of an “accounting error” at Poggenpohl.
This impairment did not negatively impact operating profits, which amounted to SKr287m, up from SKr270m for the same period the year before. This corresponded to an operating margin of 8.7%.
Group profit after tax, including items affecting comparability, amounted to SKr128m.
The group saw strong performance in the UK, reporting net sales of SKr1.4bn in Q4 – up from SKr1.2bn in 2015. Operating profit amounted to SKr154m with and operating margin of 10.5%.
Organic growth, at 3%, was the result of higher sales in Magnet, while sales at Rixonway declined because of lower investment in social housing.
Commodore and CIE – two kitchen companies active in the private UK developer market – were acquired by the group in November 2015 and reported sales of SKr68m in November and December.
For the full year, January to December, Nobia sales hit SKr13.3bn, up 17 % from SKr11.4bn in 2014. Operating profit was up 27% at SKr1.2bn.
Nobia group president and chief executive Morten Falkenberg said: “In 2015, Nobia achieved the highest operating margin in the company’s history, despite fourth-quarter earnings being impacted by both a number of non-recurring items and operational disruptions in a couple of markets. These disruptions have now been addressed and in 2016 we will achieve the target of an operating margin of 10 per cent.”