Profitable year for Steelcase

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Steelcase has reported a net profit of $12.7 million for its fiscal 2005, or EPS of $0.09, compared to a net loss of $23.8 million, or loss per share of $0.16, a year ago.

Revenue for the year came in at $2.6 billion, an increase of 11 per cent from $2.3 billion recorded last year. This figure included $80.1 million from newly consolidated dealers and $41.3 million from currency translation, the company said.

President/CEO James Hackett said: "We returned to profitability in 2005 and are pleased with our revenue growth this year. Sales growth from large customers around the world as well as from our products targeted at the mid-market were particularly encouraging. We look forward to building on this momentum in 2006."

Indeed, the office furniture industry in general remains buoyant, with latest figures from the Business and Institutional Furniture Manufacturers Association (BIFMA) showing office furniture shipments have grown in double digits for the third month in a row.