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Magnet Kitchens owner sees profits drop by almost 250%
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SWEDISH-BASED Nobia continues on its worrying financial trajectory, as it reports profits are down by almost 250%, and it has closed at least a dozen more Magnet Kitchen stores in the UK. In its end of year financial results covering business across 2024, net sales at Nobia totalled SKR 10.5bn (approximately £767m). This means sales were down by around 10% compared to last year’s figure of SKR 11.6bn (approximately £850m). Nobia’s operating profit for the year plummeted by an alarming 240%, to SKR -827m (-£60m). Last year’s operating profit amounted to SKR -243 (-£17m). This continues a worrying operating profit decline for Nobia, after it also saw a 150% decline at the time of reporting its 2023 end-of-year figures last February. Nobia reported a staggering 117% decrease in its profits after tax, which
worsened from SKR -515m in 2023, to SEK -1.1bn in 2024. Discussing the health of the UK market, Kristoffer Ljungfelt, Nobia’s
president and CEO, said the company had “continued to make progress in transitioning to a new business model, while also implementing additional cost-reduction initiatives during the period”.
Tool theft van rally gridlocks Westminster streets
ROADS AROUND Westminster were brought to a halt last month, as tradespeople staged a rally to raise awareness for the impact of tool theft. Overseen by Trades United, the tool theft rally began at Brent Cross
around 11am on February 4, before progressing to Westminster Square, where it looped the area for several hours. Those taking part felt that the government is not doing enough to combat the issue of tool theft, and are hoping that the rally will force politicians to acknowledge the problem. Trades
United founder Shoaib Awan
estimated that as many as 500 tradespeople could have taken part in the rally. Commenting on the event Awan said:
“People are absolutely fed up with tool theft. The government has to take action, and they need to punish these criminals. People don’t
even report tool thefts anymore, because all that happens is they get given a crime reference number over the phone. It’s got to stop.”
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