AzkoNobel report 6% revenue growth
AkzoNobel published its Q3 2021 results that showed a 6% revenue growth.
The company reported that pricing was up 9% compared with Q3 2020, with revenue 6% higher.
Raw material and other variable costs increased €278million compared with the same period last year.
AkzoNobel’s adjusted operating income was lower at €241million compared to €353million in 2020.
AkzoNobel CEO, Thierry Vanlancker, commented: “During the third quarter, as predicted, extraordinary levels of raw material costs and supply disruptions impacted our business. Despite supply constraints and the resulting backlog, we were able to demonstrate 6% revenue growth.
“I’m very proud of our team’s focus on our own pricing, as demonstrated by the 10% increase run rate by the end of the third quarter. We’re on track to have our own pricing actions offset the raw material inflation by year-end.
“As we’ve already indicated, the headwinds are likely to be with us going into 2022. However, we’ve established a strong pathway for our Grow & Deliver ambition and remain confident in the €2 billion EBITDA target for 2023.”