Packaging firm Elopak has reported 4% year-on-year growth in revenue to €283.5 million in the third quarter of its financial year.
Adjusted EBITDA during the quarter amounted to €48.3 million, representing an improvement of €16.3 million, the Norwegian company added.
In the EMEA, Elopak's revenues grew by €13.3 million compared to the same quarter last year, while the Americas business registered revenue growth of 5% year-on-year.
'Strong And Profitable Growth'
Commenting on the company's third-quarter performance, CEO Thomas Körmendi said, "I am happy to report yet another quarter of strong and profitable growth. Our improved cash flow and solid balance sheet enable us to respond to the continued interest from multiple segments across the world in sustainable, fibre-based packaging solutions.
"With a broadened product portfolio, we will be able to actively participate in the current plastic-to-carton packaging trend, thereby contributing to a better future."
Elopak registered organic growth of 5% during the quarter, or €13.2 million on a currency-adjusted basis.
The company continued to commission new filling machines both within the fresh and aseptic segments in Europe during the quarter.
It is also expanding its product portfolio, such as e-Sense, Pure-Fill platform and tethered cap solutions, across the continent.
'Strong Financial Result'
Körmendi added, “In the third quarter, we continued to develop and improve our business across geographies, and we delivered a very strong financial result.
"We expect to achieve full-year revenue of above €EUR 1.1 billion, well above our mid-term organic growth target of 2-3%. Based on our estimated full-year revenue, we expect to deliver full-year adjusted EBITDA above €170 million."
Read More: Elopak's Thomas Körmendi On How Cartons Can Be A Catalyst For Plastic Reduction
