Bottling firm Refresco has reported an adjusted net profit of €9 million in the first quarter of its financial year.
Net profit for the quarter amounted to €2 million, rebounding from a loss of €24 million in the same period last year.
The company saw volumes increase to 2.78 billion litres, up from 2.76 billion litres in the same period last year.
Gross profit margin rose to €477 million from 448 million in the first quarter of 2020, while adjusted EBITDA amounted to €119 million, up from €102 million last year.
'A Good Beginning'
Refresco chief executive, Hans Roelofs, stated, "We are pleased to report a good beginning of the year. After a soft start, volumes for the quarter finished in line with expectations.
"Our underlying results are strong, underscoring the strength of our business model, our diversified product offering, and the commitment of our people to continue to service our customers across Europe and North America."
Highlights
During the quarter, Refresco completed the acquisition of a production site in Evansville, Indiana, US.
Commenting on the acquisition, Roelofs said of the site that "while small, it strengthens our footprint in North America and expands our canning capabilities - a category that continues to be in high demand."
"We keep executing our strategy by driving profitable growth with new and existing customers and making selective acquisitions to strengthen our business further," he added.
Elsewhere, the bottler has announced a collaboration with Avantium and launched JuicyChain to offer a wide range of sustainable solutions to its customers and improve its ESG performance.
Management Changes
Refresco has also announced two changes to its executive board. Finance chief Aart Duijzer has decided to retire and has stepped down from the executive board after having served the company for 20 years.
He will be succeeded by Adee Packer, who will join Refresco from AB InBev as the new chief financial officer and member of the executive board, effective 1 June 2021.
Elsewhere, Christoph Häusler will join Refresco from Reckitt Benckiser Group as chief manufacturing officer, effective 1 July 2021.
© 2021 European Supermarket Magazine. Article by Conor Farrelly. For more Packaging news, click here. Click subscribe to sign up to ESM: European Supermarket Magazine.
