Glass Packaging Firm Verallia Sees Revenues Up Across All Divisions
Glass packaging firm Verallia has posted a 7.0% increase in revenue in its full year 2019, to €2.59 billion, with the group's performance marking "an important milestone" in the company's history, according to chief executive Michel Giannuzzi.
The business saw adjusted EBITDA rise to €615 million, a 13.2% increase on the previous year, or 16.0% higher at constant exchange rates. EBITDA margin was 23.8% for the period.
All the group's divisions posted a positive performance last year, with its Southern and Western Europe segment seeing a 6.4% increase in reported sales, to €1.75 billion, on the back of both increased prices and growth in beer, spirits and sparkling wine units.
Northern and Eastern Europe, meanwhile, saw a 9.0% increase in reported sales, helped by a 'solid recovery' in Russia, while in Latin America, revenue was up 7.5%, although this was dampened by the depreciation of the region's currencies, particularly the Argentine peso.
"The Group's profitability has also increased significantly as the result of the implementation of its three main improvement drivers: volume growth, inflation spread management and the Performance Action Plan," said Giannuzzi.
"Verallia has proven once more its significant deleveraging capability derived from its strong cash generation."
Looking ahead to the coming year, the group has issued a positive outlook, "backed by the addition of new capacities in a growing market and confirms its medium‐term objectives announced at the time of the IPO", added Giannuzzi.
© 2020 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: The European Supermarket Magazine.