The Ostnor group, which conducts the product development, production and sale of sanitary fittings under the strong, well-established brands FM Mattsson and Mora Armatur, is reporting an operating profit of MSEK 94.2 for 2010, which is an improvement on the previous year (67.6). The profit improvement relates primarily to increased productivity, higher volumes and cost-reduction measures implemented. Cash flow increased to MSEK 109.7 (99.2).
Sales were MSEK 985.8 (954.5). In volume terms, sales grew by 2.2 (-9.9) percent. Exchange rate fluctuations resulted in a decrease of 1.5 (+2.1) percent.
“Ostnor producing another record year, with profit gains of nearly 40% despite a persistent fairly weak market, is a sign of strength. Our ongoing work on rationalization measures is clearly paying off and is an incentive for our continued endeavor in this direction. Further initiatives in our marketing and sales organization and a focus on design are other actions that we are convinced will strengthen us going forward,” commented Håkan Olson, CEO and President.
Four-year summary 2007-2010
The group’s financial performance is summarized in the following table:
Forthcoming events:
Annual Report April 2011
Annual General Meeting 9 May 2011
For more information, please contact:
Håkan Olson, +46 (0)250 59 63 12
CEO and President
1 The group transferred to an Income Statement classified by function in 2010 from the previously reported reporting structure using the nature of expense method. The definition of net sales has changed somewhat from previously reported values (2009: 951,553, 2008: 993,362 and 2007: 1,011,762). Other values in the table are unchanged.
Year-end Report 2010 (pdf)