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Martela announces 2011 results

Friday 24 February 2012

Consolidated revenue up, operating result better than previous year
The Martela Group expects to post year-on-year revenue growth for 2012, and an operating result at or above the previous year's level.

The uncertainties affecting the global economy have not yet had a significantly discernible impact on the demand for office furniture in the Nordic countries. The demand in fact increased in Finland, Sweden and Poland during the year. In Denmark, however, demand is still weak.

Statistics on office construction are available for the first three quarters of 2011, and according to these, 2% more office space was built in Finland in terms of square metres in January - September 2011 than in the previous year. In the same period significantly more building permits (+36%) were granted and there were significantly more new office building starts (+21%) than in the corresponding nine-month period a year earlier.

Consolidated revenue for the fourth quarter was EUR 39.0 million (34.0), an increase of 14.5 % on the previous year. Consolidated revenue for the financial year rose to EUR 130.7 million (108.4), a growth of 20.6 %. The revenue increase was particularly strong in Finland and Poland, while Sweden and Norway also achieved good growth. Increased demand contributed to the growth, as did also successful sales efforts in those countries.

Other factors boosting revenue included the Martela Outlet sales channel acquired and launched in June 2010, and the Danish importer acquired in November 2010. Like-for-like revenue growth without the acquisitions was 11.4 % in the fourth quarter and 16.2 % for the financial year.

During the fourth quarter, operating profit improved to EUR 1.9 million (1.0). The operating profit for the full financial year improved substantially, amounting to EUR 2.6 million (1.3). During the year, the Group invested in service development and opened a number of Martela Outlet sales points in Finland. There are currently Martela Outlets in Helsinki, Joensuu, Oulu, Riihimäki, Tampere and Turku, all in Finland.

In Russia, new premises were opened in Moscow, joining the existing sales company operating in St. Petersburg. Due to this expenditure, the improvement in the consolidated operating result did not match the improvement in revenue.

Profit before taxes was EUR 1.9 million (1.1), and profit after taxes was EUR 1.6 million (0.6).

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