The Villeroy & Boch group have released their interim report on the first quarter of 2021 and have raised revenue and earnings forecasts for the year.
The Group generated revenue of â‚¬223.3 million in the first quarter, an increase of â‚¬40.9 million (22.4 percent) on the same period last year. The first quarter in 2020 was impacted by the initial effects of the Covid-19 pandemic, but the group is currently benefiting from the trend for home improvement as people continue to spend more time at home.
Looking forward to the remainder of 2021, the forecast for consolidated revenue and operating earnings has been raised for the year as a whole on the basis of the good performance in the first quarter and the high order levels in both divisions. Under the current economic circumstances, an increase in revenue of between 5 and 10 per cent (previously 3 to 5 per cent) and very strong growth in the operating Group result are projected.
The Management Board of Villeroy & Boch AG considers the economic position of the Group to be positive on the whole. â€œWe have had an extraordinarily strong start to 2021. Business performance in the first quarter has been outstanding. Demand for our products has increased significantly. We are currently benefiting especially from the trend towards home renovation and refurbishment,â€ said Frank GÃ¶ring, CEO of the Villeroy & Boch Group.