Packaging Firm SIG Combibloc Sees Revenue Up 7.3% In First Quarter
Swiss packaging firm SIG Combibloc has posted a 7.3% increase in first-quarter revenue (at reported currency levels), to €359.7 million. Revenue rose by 5.4% at constant-currency rates.
Adjusted EBITDA was up 0.6%, to €85.9 million, the group reported. Adjusted EBITDA margin was 23.6%.
In the group’s core EMEA region, revenue was up 0.5% at reported currency levels (+0.4% constant currency), to €175.2 million, while Asia Pacific was up 16.4% (11.3%), to €126.9 million.
Its Americas business, meanwhile, was up 8.2% (6.6%), to €53.4 million.
‘Growth was driven in particular by Asia Pacific, which, after a strong performance throughout 2018, continued to show good momentum for liquid dairy products across the region,’ the group reported in a statement.
‘Growth was also robust in the Americas, with business in Brazil benefiting from volume growth with key customers and from recent filler deployments. Sales in Europe increased reflecting new customer wins, more than offsetting a lower contribution from the Middle East joint venture within the EMEA region.’
Looking ahead to the full year, SIG reported that it anticipates core revenue growth of 4% to 6% at constant-currency levels, and an adjusted EBITDA margin of 27% to 28%.
© 2019 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: European Supermarket Magazine.