Glass packaging maker Verallia has posted a 24.5% year-on-year increase in revenue to €2.5 billion in the first nine months of its financial year.
Adjusted EBITDA rose 24.0% to €654 million in this period from €528 million in the same period last year.
The company noted that sales price increases, implemented in Europe in the first half to offset the sharp rise in production costs, had a positive impact over the period.
In the third quarter, Verallia saw revenue increase by 26.5% year-on-year to €879 million.
Adjusted EBITDA for the period stood at €228.8 million, up from €182.9 million last year, while the adjusted EBITDA margin was 26.0%.
Commenting on the company's third-quarter performance, Patrice Lucas, CEO of Verallia, said, "These excellent third-quarter results follow on from a strong first half. Revenue growth remained high despite the slight expected decline in volumes due to less available capacity.
"Adjusted EBITDA also continued to grow thanks to a positive inflation spread over the period, the improved operational efficiency that resulted from our Performance Action Plan, and unprecedented momentum across Latin America."
In Southern and Western Europe, sales increased over the first nine months, despite a slight decline in volumes in the third quarter due to the simultaneous renovations of several furnaces, Verallia added.
The company saw improved revenue in Northern and Eastern Europe for the first nine months of the year, while volumes declined slightly in the third quarter.
The company expects annual reported revenue growth to reach around 25%.
Lucas added, "The lighting of a second furnace in Jacutinga will take place as planned on November 9th. Higher visibility for the end of the year, coupled with excellent third-quarter results, puts Verallia in a position to increase its annual EBITDA targets."
© 2022 European Supermarket Magazine – your source for the latest packaging news. Article by Dayeeta Das. Click subscribe to sign up to ESM: European Supermarket Magazine.