AUSTRIA - Blum, headquartered in Höchst, Austria, will close the 2023/2024 financial year on June 30, 2024 with a turnover of EUR 2.29 billion, marking a slight decrease of -1.2% compared to the previous financial year.

Despite this, the hardware specialist is satisfied with the stable development, which supports its workforce of 9,294 employees worldwide.

“The first months of the last financial year were challenging for us and for the entire industry. However, we saw positive signs in the second half of the year and are noticing improvements, despite the persistently difficult market environment,” commented Philipp Blum, Managing Director of the Blum Group.

High raw material, energy and personnel costs have had a significant impact. Consumers are also affected by inflation and are cautious about investments, which is influencing a slight decrease in kitchen equipment levels, affecting hardware manufacturers.

However, Managing Director Martin Blum sees this as an opportunity: “We see this challenging market situation as a mandate to better address the needs of our customers. Our 9,294 employees worldwide are working together to advance Blum and inspire our customers with innovative products.”

While Northern and Central Europe continue to present challenges, Blum points to positive developments in Eastern Europe despite difficult conditions. The regions of North and South America, Asia and the Pacific show stable trends, with a notably slow economic recovery in China.

On the other hand, the Middle East and Africa region continues to show solid growth. Philipp Blum remains optimistic about building momentum with new product launches, anticipating medium-term growth for the company.