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PRIVACY
Retail & Consumer

Kitchen giant Magnet plans premium push to claw back from £160m loss

Nobia Holdings º£½ÇÊÓÆµ, the company behind the Magnet kitchen brand, has not made a pre-tax profit since 2019 and has seen hundreds of roles axed as part of its restructuring

A Magnet kitchen(Image: Magnet)

Nobia Holdings º£½ÇÊÓÆµ, the group behind kitchen manufacturer Magnet, is banking on its expansion into the premium market to help it return to profitability after suffering another significant loss and cutting hundreds of jobs.

The company has been restructuring in recent years, having not posted a pre-tax profit since 2019, as reported by .

However, this transformation plan has resulted in hundreds of job losses. Recently filed accounts for Magnet at Companies House provide an updated snapshot of the brand's efforts to get back into the black.

The business reported a pre-tax loss of £54.5m for 2023, following a loss of £68.9m in 2022. This latest pre-tax loss means that Magnet has accumulated a pre-tax loss of over £160m since its last pre-tax profit of £18.2m in 2019.

The accounts also reveal a decrease in turnover from £424.3m to £356.8m over the year, and a reduction in headcount from 2,671 to 2,292 employees.

Nobia Holdings º£½ÇÊÓÆµ is a subsidiary of Swedish firm Nobia AB, a Nasdaq Stockholm-listed company that took control of Magnet in 2001 in a deal worth £123m.

Nobia Holdings º£½ÇÊÓÆµ's results for 2024 are expected to be filed with Companies House by the end of September this year.

'A challenging economic environment'

In the latest financial statements, º£½ÇÊÓÆµ executive vice president George Dymond commented: "The fiscal year 2023 continued to be a challenging economic environment with inflation, direct materials and energy prices still at relatively high levels."