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Fire causes sharp drop in revenue for Danish furniture manufacturer

A Danish furniture manufacturer headquartered in Årre, Denmark, faced a significant setback in May 2024 when a fire destroyed 20-25% of its factory in Latvia. The blaze caused extensive damage to buildings and production equipment, halting growth and reducing output. Despite no injuries, the fire led to a sharp drop in revenue, which ended at DKK 397 million in 2024, compared to an estimated DKK 430-450 million without the incident.

© Kvist

CEO of Kvist Industries,Jesper Tordrup Andersen, described the fire as a "serious setback" but highlighted improvements, noting the company reduced its loss before tax to DKK 9.8 million, a marked improvement from previous years.

Kvist Industries strengthened its financial position through a DKK 24 million capital increase and additional bank financing, raising equity from DKK 27 million to DKK 41 million. The firm has pursued a turnaround strategy focusing on efficiency, product development, and closer customer integration.

The company anticipates improved results in 2025, expecting a post-tax profit increase of DKK 10-20 million. Despite ongoing market fluctuations, management remains optimistic about future growth and stability.

Source: www.wood-supply.dk

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