Packaging firm Elopak has reported year-on-year revenue growth of 8%, to €278.0 million, in the second quarter driven by good performance in its EMEA and Americas divisions.
Adjusted EBITDA during the quarter amounted to €41.6 million, up 35% compared to the same period last year.
Profit after tax from continuing operations increased to €20.3 million in this period, up €8.0 million, from €12.3 million last year.
CEO Thomas Körmendi commented, "Building on our solid performance in past consecutive quarters, the second quarter saw Elopak delivering strong profitable growth.
"Despite inflationary pressures, we remain on track to achieving our strategic objectives. Our strong performance is allowing us to explore new market opportunities, including building a new state-of-the-art factory in the US, and expanding our India operations."
Other Highlights
In the EMEA, the Norwegian company saw revenue growth of €11.3 million compared to the same quarter last year, with the acquired business in India contributing €5.4 million.
In the Americas, Elopak's market share in the filling machine and carton segments continued to grow.
The company continued to install filling machines across the EMEA region and test cartons and tethered cap solutions at several sites.
Outlook
Elopak said its full-year EBITDA margin will be impacted by inflationary pressures on its broader cost base.
However, the company expects its second-half EBITDA to be higher than last year.
Körmendi added, "Looking forward, we expect to deliver full-year revenue growth well above our mid-term target.
"While we see softening of some raw material prices, the liquid paper market remains tight and higher board prices will have full effect in the second half of 2023."
