Byline: NEIL CRAVEN
IKEA has more than doubled its profits after cutting prices and overhauling its strategy last year.
Profits for the year to last August increased to [pounds sterling]35.7 million, from [pounds sterling]17 million in the previous 12 months. Sales for the period grew one per cent to [pounds sterling]1.2 billion.
At the end of the year the company paid a dividend of [pounds sterling]20 million after failing to pay any money the previous year.
The furniture chain spent [pounds sterling]11 million on stores, warehousing and service - contributing to a reversal of the previous year's decline.
Managing director Martin Hansson reorganised the retail showrooms to better reflect British tastes and also introduced selfservice tills.
This year he plans to relaunch the company's internet site and he has already begun adding products online, including bedroom textiles, lighting and rugs.
Ikea has also added an Instant Style Finder function to help customers generate ideas for decorating their bedrooms.
Ikea is controlled by Swedish founder Ingvar Kamprad, however it is held in trust in a complex arrangement through a company based in Holland.
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