Austrian fittings specialist Blum has recorded €2,297.16million in turnover for the 2023/2024 financial year ended 30th June 2024. With a slight decrease of -1.2% (down €27,3million), turnover has remained consistent with the previous financial year, and the company has welcomed this development, adding it is focusing on maintaining stability for its 9,294 employees around the world.
Philipp Blum, Blum Group MD (pictured left), said: "The first few months of the last financial year were challenging for us and the industry as a whole. However, there were some positive signs in the second half of the year and we are noticing improvements, even though the market environment remains challenging. The cost of raw materials, energy and staff in particular is currently very high."
The company said that while the situation remains challenging in Northern and Central Europe, it has noted positive market development in Eastern Europe. It added that in the regions of North and South America, Asia and the Pacific there is a stable sideways trend, however the Chinese economy in particular is slow to recover. The Middle East and Africa region continues to perform well.
To generate growth, Blum has made significant investments with an eye on the future – €287million was invested in the 2023/2024 financial year. It's also invested heavily in its main site in Vorarlberg, and the first Austrian Blum plant outside of Vorarlberg is set to be constructed in St Poelten, with the start date for construction yet to be confirmed.
"Our most important investments, however, are those we make in our employees," said MD Martin Blum, (pictured on the right). In autumn, over 100 young people will begin an apprenticeship with Blum, while the group adds that existing employees are also at the heart of the company's efforts. Blum's innovative strength also remained unchanged and it is currently developing its solution for the electrification of furniture: AMPEROS AC. This will allow lighting, chargers or other electrical appliances to be used in and on moving furniture parts, such as in drawers, in the future.
Both Blum MDs are expecting further challenges ahead, but also anticipate that the situation will ease in the long term: "We are optimistic that the economy will pick up towards the end of 2024 and demand for our fittings will increase again," said Philipp Blum.
