BBC Homepage World Service Education
BBC Homepagelow graphics version | feedback | help
BBC News Online
 You are in: Business
Front Page 
World 
UK 
UK Politics 
Business 
Market Data 
Economy 
Companies 
E-Commerce 
Your Money 
Business Basics 
Sci/Tech 
Health 
Education 
Entertainment 
Talking Point 
In Depth 
AudioVideo 

Monday, 19 March, 2001, 11:21 GMT
MFI make-over boosts profits
MFI has built its business around out-of-town sites
MFI has built its business around out-of-town sites
UK furniture group MFI has bucked the retail trend with a 55% increase in pre-tax profits.

The group, which is attempting to shake-off its downmarket 'flat pack' image, put much of the success down to redesigned kitchen and bathroom ranges.

Two years ago the company recorded pre-tax losses of 28.4m.

MFI chief executive John Hancock said the group's performance was all the more impressive given that growth within the UK kitchen furniture market was almost static in 2000.

Style pundit

MFI's pre-tax profit for the year shot to 45.4m before exceptional items, compared with 29.2m the year before. Like-for-like sales were up 11%.

Mr Hancock said: "This is an encouraging result.

"Most importantly, we have achieved significant progress, ahead of schedule, in the revitalisation of the group."

MFI is attempting to appeal to the more style-conscious shopper and has appointed style pundit Peter York as a non-executive director.

It plans to tap into the 'metropolitan and inner city market' by opening 50 new High Street stores - as opposed to the out-of-town sites which have been the backbone of its business.

An estimated 20 city centre stores will open this year, to add to existing outlets in Clapham, Staines and Chiswick in London.

Mr Hancock said MFI would also continue to trial a new look designed by Conran Design at five furniture centres over the coming months.

Mr Hancock took the helm at MFI from John Randall in February 1999.

Search BBC News Online

Advanced search options
Launch console
BBC RADIO NEWS
BBC ONE TV NEWS
WORLD NEWS SUMMARY
PROGRAMMES GUIDE
See also:

14 Mar 01 | Business
Woolworths drags down Kingfisher
08 Mar 01 | Business
Profits down at John Lewis
13 Oct 00 | Business
Parker Knoll in bed with Silentnight
12 Oct 00 | Business
Profits jump at DFS
Internet links:


The BBC is not responsible for the content of external internet sites

Links to more Business stories are at the foot of the page.


E-mail this story to a friend

Links to more Business stories