Blum has posted 2,376.75million euros in Group turnover for the 2020/2021 financial year ended 30 June 2021 – a growth in turnover of 470million euros on the previous year, representing an increase of 24.7%. The fittings specialist says it was able to achieve these positive results thanks to the strong demand for top-quality kitchens and furniture from consumers wanting to spruce up their homes during the pandemic.
While the surge in demand caused by the COVID-19 pandemic led to an above-average increase, at a press conference with joint MDs Philipp and Martin Blum, the company emphasised that shortages in raw materials, especially in steel, have put severe pressure on supply chains. “The crisis has prompted people all over the world to attach more importance to their homes. At the same time there has been a shift in private consumption – away from traditional leisure time activities to investments in home improvements, for example in kitchens and furniture,” says Philipp Blum.
Martin Blum said: “Unfortunately, our customers are currently also having to wait longer for our products. Only by adjusting some delivery times have we been able to meet the rapid growth in market demand. The current situation is very challenging, but we’ve managed to create a certain level of stability thanks to our longstanding partnerships with our suppliers.”
The company continued to invest in staff during the period, recruiting 371 new employees at its Austrian HQ in Vorarlberg, and 429 worldwide. It added that 93 new apprentices are set to start their training in Vorarlberg in September. Investment in expanding production facilities has also been ongoing, with plants in Austria and Poland being extended, and a new plant in China set to be finished by early 2022.
While emphasising that international supply chains and the supply of raw materials may remain impacted for some time, looking ahead, the MDs said they are optimistic. “We hope that the high vaccination rate will avert the need for further lockdowns,” said Philipp Blum.
