Elopak Reports 'Record High' Revenues In First Quarter

By Steve Wynne-Jones
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Elopak Reports 'Record High' Revenues In First Quarter

Packaging firm Elopak has reported first-quarter turnover of €283.4 million, which was a 'record high' quarterly performance for the group.

Elopak, which is headquartered in Norway, said that turnover rose 26% in the period, which was driven by growth in the EMEA region and the Americas.

Organic growth was 16% when adjusted for currency translation effects of €3 million and new revenue from acquired businesses of €18 million, it added.

Adjusted EBITDA, meanwhile, stood at €41 million for the period, an increase of €16 million on the same period last year.

'A Strong Start'

"Elopak has made a strong start to the year, with profitable, organic growth underpinned by our core strategic goals," commented chief executive Thomas Körmendi. "In this quarter we have delivered excellent performance across our whole business, especially in India, where our newly acquired operations have delivered results that are far better than anticipated.


"We have experienced some tailwinds in terms of pricing and input costs and we will likely see some volatility between quarters going forward, we remain committed to achieving our strategic objectives and expect to continue to grow our top-line and strengthen our results.”

Read More: Elopak Commences Operations In New Terneuzen Warehouse

'Inflationary Pressures'

The group said that it was experiencing 'significant inflationary pressures' on its cost base, which it expects to impact its full-year 2023 margins.

"However, our ongoing, strategic initiatives to continue to grow our top-line and strengthen our results are progressing according to plan," Körmendi added. "We remain optimistic on the longer-term market fundamentals.”


Read More: Norway's Elopak Exits Russian Market

© 2023 European Supermarket Magazine – your source for the latest packaging news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: European Supermarket Magazine.

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