The Dutch kitchen group Mandemakers Group, led by billionaire Ben Mandemakers, is experiencing the aftermath of the pandemic now that the kitchen boom from that period is over. According to the kitchen empire's recently published annual report, profit growth has stalled. In 2023, annual sales fell 8% to around €1.1 billion, with net profit of €81.4 million, down slightly from the previous year.
Operating results this year are expected to remain the same as in 2023, with Mandemakers Group projecting operating profit at around €109 million. This stagnation is attributed to earlier consumer spending during the corona period. Moreover, consumer confidence declined in May and June this year, while mortgage rates rose and the housing market stagnated.
These conditions led to a decline in demand for new kitchens, which affected the entire business of Mandemakers Group, known for Brugman Keukens and Keuken Kampioen, among others. Unlike the previous year, in which a dividend of €75 million was still paid, this year no profit distribution was made.
Source: Quote
More information:
The Mandemakers Group
www.werkenbijmandemakers.nl
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