NORWAY – Global supplier of carton packaging and filling equipment Elopak has reported revenue of €1.02 billion (US$1.09bn) in the fiscal year 2022, a growth of 20%.
The company’s organic growth was 11%, adjusted for currency translation effects of €32.8 million (US$34.98m) and new revenue from acquired businesses of €38.5 million (US$41.06m).
Adjusted EBITDA was €119.4 million (US$127.35m), which is an improvement of €5.7 million (US$6.08m), while adjusted net profit was €44.0 million (US$46.93m).
Elopak said that a strong performance in the Americas, along with the commercial launch of Pure-Pak eSense, has boosted revenue for the full year.
Elopak chief executive Thomas Körmendi said: “Elopak ended the year on a strong note, delivering profitable organic growth.
“The most notable achievements were yet another strong performance in the Americas, continued solid development in our acquired businesses in MENA and India, and the commercial launch of the new Pure-Pak eSense aluminum-free aseptic carton.
“I am pleased to see that we continue to show great resilience despite a continued volatile environment, and we are well prepared to face challenges ahead.”
In the fourth quarter, the company’s revenue increased by 24%, to €267.1 million (US$284.88m), driven by pricing in EMEA and growth in the Americas.
The fourth quarter organic growth was 12% adjusted for currency translation effects of €11 million (US$11.73m) and new revenue from acquired businesses of €14 million (US$14.93m).
Elopak’s adjusted EBITDA was €35.9 million (US$38.29m), an improvement of €15.1 million (US$16.11m) while the price increases for its products in EMEA were €19 million (US$20.26m).
Körmendi continued: “The uncertainties experienced in 2022 continue into 2023 and make it more challenging to predict short-term results, but we remain optimistic about longer-term market fundamentals.
“Our strategic initiatives remain focused on growing our top-line and strengthening our results. We remain committed to our mid-term targets.
“In the long-term, we expect the use of plastic food & beverage packaging to drop, and Elopak is well-positioned to leverage this plastic-to-carton conversion trend.
“As shown by the Pure-Pak® eSense commercial launch, we remain committed to delivering on our sustainability-driven growth strategy.”
Based in Norway, Elopak is a global supplier of carton packaging and filling equipment. It employs 2,600 people and sells more than 14 billion cartons annually across more than 70 countries.
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