Cans and closures deliver boost for Orora
Australian packaging giant Orora saw sales revenue grow by 6.1% over the last year, which was driven by a boost in cans and closures.
The company reported an underlying net profit after tax before significant items of $156.7m, up 23.7% on the previous year, while EBIT was $249.1M, up 11.6%.
Orora’s glass business took a hit thanks to the tariffs on Australian wine imposed by China. However, CEO Brian Lowe said by the end of the financial year the company had made up 90 per cent of what had been lost in China
Commenting on Orora’s FY21 results, Lowe said: “In a year that continued to present unique challenges due to COVID-19, I’m proud to say Orora delivered a financial result that reflects the team’s outstanding commitment, passion and resilience, and the company’s focus on delivering against the core strategies for each business.
“We were pleased to report an increase in both net profit after tax and underlying EBIT, demonstrating a solid contribution from all of our business groups across Australasia and North America.
“In Australasia the increase in EBIT was largely a result of stronger volumes across Cans and Closures, partially offset by declines in Glass as the impact of lower exports to China crystallised.
“Our strategy is delivering, with focused execution improving our operations, stabilising our North American businesses and returning them to growth. We are also well positioned to pursue new growth opportunities as they emerge, both within our market-leading Australasian Beverage business as well as in North America.”
Read the full report here on the Orora website.