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Martela’s 1st 9 months’ results show higher sales and in profit

Tuesday 28 October 2014

The group anticipates that its revenue and operating result for 2014 will show an improvement on the previous year’s figures.
The demand for office furniture in Finland and Sweden continued to be weak. Demand in Finland and Sweden is still largely focused on office alteration and enhancement projects of different kinds rather than new offices. Despite the weakness in the market, the activity based office concept, which is well-suited for alteration and enhancement projects, has attracted considerable interest among customers in Sweden, Norway, Finland and Russia. When implementing the activity based office model at its premises, the customer can achieve substantial savings in premises costs while also improving its employees’ job satisfaction and productivity. A weakening has been discernible in the Polish market during the third quarter. Property market activity has slowed down recently also in Russia. The prevailing weak market conditions cause uncertainty about the Group’s fourth-quarter performance.

Martela’s consolidated revenue for the third quarter was EUR 36.5 million (34.3), an increase of 6.5 per cent on the previous year. Consolidated revenue for January-September was EUR 104.7 million (95.4), an increase of 9.7 per cent on the previous year. In Finland, revenue in the third quarter and during the first nine months was down year on year. There were no significant large customer projects in the review period in Finland, and revenue was largely from small and medium-sized deliveries. Revenue in Poland increased in the third quarter, but in January-September it was at the level of the previous year. By contrast, there were major customer deliveries in Sweden and Norway during the review period and, as a result, the revenue of the Business Unit in these countries grew substantially from the previous year. The most significant deliveries in Sweden and Norway were made in the first quarter, but revenue grew substantially on the previous year also in the third quarter. In Russia, revenue continued to grow on the previous year, but the weakening economic situation of the Russian market may cause a future weakening in the Group’s demand from Russia. Major customer deliveries in Sweden and Norway and the significant increase in Business Unit International’s revenue were the main reasons for the substantial increase in consolidated revenue during the review period.

The consolidated operating result for the third quarter was EUR 2.2 million (1.5). The operating result for January-September improved substantially and was EUR 1.2 million ( 2.5). The Group’s fixed costs decreased slightly from the previous year, as anticipated, due to the adjustment measures taken in 2013. The January-September sales margin on the Group’s products was unchanged from the previous year. The combined effect of these factors and the increase in revenue was a year-on-year improvement in Martela’s consolidated operating result.

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