Historically strong 2020/21: Significant growth

Sune Schnack, CEO:

“2020/21 was unpredictable, and unlike any other year. At Flügger, we can look back on a financial year in which, despite great unpredictability, we passed several financial milestones. We delivered solid results in all four quarters of the year, helped by the many renovation and painting projects our customers set to work on during COVID-19. We were also favoured by the fact that both home sales and new construction have been at a high level. Last but not least, we’re reaping the rewards from our ongoing streamlining initiatives and a positive impact from the acquisition of Polish paint manufacturer Unicell, which, with revenue of DKK 176 million, has delivered strong organic growth of more than 9%.”

• Revenue was DKK 2,162 million compared to DKK 1,895 million the previous year, corresponding to 14% growth.
• EBIT increased from DKK 83 million the previous year to DKK 228 million, equating to an EBIT margin of 10.6%
• Unicell, of which the Group bought 60% in November 2019, generated revenue of DKK 176 million, representing growth of more than 9%
• The Group’s long-term objective has been adjusted and the Flügger Group now aims to achieve revenue of DKK 3.5 billion and an EBIT margin of 10% in 2023/24, revised upwards from DKK 2.5 billion and the EBIT margin of +8% announced previously. Flügger expects the increase in revenue to be achieved by continuing to focus on efficiency improvements and increased digitisation, through a combination of organic growth as well as acquisitions in existing markets, preferably including in Eastern Europe.
• In the 2021/22 financial year, revenue is expected to be DKK 2,500–2,700 million and EBIT in the region of DKK 220–270.