Austrian fittings manufacturer Blum has concluded the 2023/2024 financial year with a turnover of €2,297.16 million, showing a slight decrease of -1.2% compared to the previous year. Despite this minor dip, the company considers the turnover stable and is committed to maintaining stability for its 9,294 global employees.
Philipp Blum, Managing Director of the Blum Group, notes that the first months of the financial year were challenging for the industry, but improvements were seen in the latter half. High costs for raw materials, energy, and labour, along with inflationary pressures affecting consumer investment, contributed to a slight reduction in equipment levels, impacting fittings manufacturers. However, Blum views the current market conditions as an opportunity to better address customer needs. 'Our 9,294 employees are dedicated to driving Blum forward and delivering innovative products,' says Rami Jensen.
International market overview
Blum faces a challenging market in Northern and Central Europe but has observed positive developments in Eastern Europe. The Americas, Asia, and the Pacific show a stable trend, though recovery in China is slow. The Middle East and Africa continue to perform well. Philipp Blum is optimistic about future growth with the introduction and marketing of new products.
Investments and developments
Blum invested €287 million in the 2023/2024 financial year, including the acquisition of Belgian company Van Hoecke. New showrooms were opened or redesigned in cities such as Christchurch, Istanbul, Tunis, Melbourne, Johannesburg, and Tokyo. Significant investments were made at Blum's main site in Vorarlberg, including the completion of Plant 6 in Gaissau and expansions in Bregenz and Hoechst. A new plant in St. Poelten, Austria, will further support growth, with its start date dependent on economic conditions.
Future outlook
Looking ahead, Blum will focus on its Austrian roots while remaining competitive internationally. Despite challenges such as high wage costs and rising material prices, the company anticipates a rebound in demand by the end of 2024. 'We are committed to remaining a future-proof partner and stable employer,' concludes Philipp Blum.
More information:
Blum
www.blum.com