Record sales for HMF in 2021
19 April 2022
Loader crane manufacturer HMF posted a record turnover figure for 2021 despite challenges that included a factory fire, the global pandemic and supply chain disruptions.
The Danish company’s turnover in 2021 was DKK 1.1 billion (US$ 160 million). It turned its 2020 loss of DKK 3.8 million ($551,000) into a profit of DKK 85 million ($12 million).
While all manufacturers were hit by the pandemic and supply chain issues, HMF also had to contend with a major fire at its factory. Alongside the financial turnaround from 2020 the company said it now has a full order book and plans for a new headquarters.
Commenting on the figures Klaus Skov Mortensen, HMF chief financial officer, said, “After 2020 we weren’t sure what the future would bring and therefore we didn’t have exaggerated expectations for 2021. But now we are pleased that our worries have proved unfounded.”
Mortensen attributed the result mainly to a significant increase in demand in most markets after the Corona year 2020, “Above all, Corona has created a ‘ketchup effect’ in which the lack of demand in 2020 is now materialising. In addition, private consumers spent more time in the house and garden and had more money at their disposal. At the same time, many public infrastructure projects have been launched.”
Jens Seehusen Christensen, HMF chief executive officer, said, “The result is mainly due to increased productivity and high demand in almost all markets. We could never have achieved this without experienced and professional employees and sales partners worldwide. This only reinforces that our employees are our greatest asset.”
Baptism of fire
Christensen has been CEO since August 2021. In addition to the factory fire, he had had to work through the global pandemic, lengthening delivery times, multiple supply chain issues and price increases.
“I have to admit that my start at HMF was a bit turbulent. The fire in Galten, in particular, gave me a few sleepless nights. At the same time, however, it was impressive how such an event strengthened the cohesion of the HMF team and how all employees worked extra hard. As CEO, I can only be proud of that,” Seehusen commented.
March saw the Højbjerg factory produce the most cranes ever and the company was recruiting. In outlook the company expects further growth in 2022, planning for an increase turnover to DKK 1.2 billion ($174 million).
A new headquarters will be built in Denmark, consolidating the Højbjerg (administration and production) and Galten (production, service and vehicle construction) sites which will be closed and sold off.