South African furniture manufacturing and retailing group Steinhoff International has reported a rise in UK revenues for the nine months ending 31 March 2016.
The company, whose furniture brands include Harveys and Bensons for Beds, posted UK & Australasia revenues of €844m, 14.1% up from its sales of €740m last year, led by a strong performance from the bedding business.
Total revenue for the group grew 45% to €9.9bn, with operating profit up by 46% to €1.1bn, improving its operating margin to 11%.
Steinhoff has recently been involved in several acquisition transactions, with none prevailing. Steinhoff said: “Following a thorough due diligence process, the Home Retail Group transaction was found not to be an appropriate investment for the group.
“The Darty transaction was not pursued as a result of a competitive bidding process, which eroded the potential value this transaction would have delivered to Steinhoff.”
Commenting on the latest trading performance, Markus Jooste, Steinhoff CEO, said: “Management is pleased to report that the growth trend reported in Steinhoff’s interim results has continued for the quarter, which traditionally is the slowest trading quarter for the group.”