Packaging firm SIG has reported a 44.5% increase in group revenue in the first quarter of its financial year, to €729 million, driven by acquisitions and price increases.
Excluding acquisitions, organic revenue growth on a constant currency basis stood at 6.9%.
The group reported an adjusted EBITDA margin of 24.0% in the period, on a par with the same period last year (23.9%) and up from 22.3% in the fourth quarter of 2022.
Performance By Region
In its Europe division, revenue growth stood at 37.6% for the period, or 11.2% excluding acquisitions, with performance largely driven by price increases.
'Price increases in Europe reflect the particularly high raw material and energy cost inflation incurred in 2022 compared to the rest of the group,' SIG said in a statement.
Organic revenue growth in the Middle East and Africa was +17.9%, compared to the same period last year, again with price increases playing a role, while in Asia Pacific, revenue growth was 20.2%. If acquisitions are not included, organic revenue fell by 9.8% in the region.
Revenue growth for the quarter in the Americas was 112.9%, reflecting the contribution from bag-in-box and spouted pouch acquisitions. If these are excluded, revenue was 19.8% higher.
Read More: SIG Opens New Production Plant In India
Full-Year Forecast
Looking ahead to the remainder of the year, SIG expects revenue growth of between 20% and 22% on a constant currency basis, with organic revenue growth expected to be between 7% and 9%.
'Price increases in the carton business are expected to continue to contribute to top-line growth,' it added.
Read More: SIG Completes Acquisition Of Evergreen Asia
© 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.
