Orora profits climb by nearly 20%
Sustainable packaging provider, Orora Limited, saw its profits rise by nearly 20% as announced its financial results for the year ended 30 June 2022.
The company announced sales revenue of A$4,090.8m, which was up 15.6%, while net profit after tax (before significant items) was A$187.1m, up 19.4%.
Underlying earnings per share was 21.7 cents per share, up 28.2%, while underlying operating cash flow of $272.6 million, up 10.8%.
Commenting on Orora’s full year results, Managing Director and Chief Executive Officer, Brian Lowe said: “Orora has delivered a strong result for the fiscal year 2022, reflecting the disciplined execution of our strategic priorities in the face of global supply chain and inflationary challenges.”
“The Group reported a significant increase in underlying EBIT and net profit after tax, driven by strong revenue and earnings growth in North America, with continued robust earnings in Australia.
“Our North American business again delivered an impressive improvement in both financial and operating performance, with an increase in revenue and earnings largely driven by an ongoing focus on business optimisation, customer account profitability and a relentless focus on managing inflationary inputs and cost to serve.
“Our Australasian business performed solidly – the team has done a commendable job of managing inflationary cost pressures and supply chain disruptions to deliver revenue growth and earnings that demonstrate the resilience of the Beverage business. Following significant volume growth in the prior year, Cans saw a slight improvement in product sales mix and volumes, while the Glass business successfully expanded into new product ranges to mitigate the impacts of lower wine volumes due to the Chinese wine tariffs on Australian wine exports.
“I am incredibly proud of the entire team’s performance – we have delivered against our corporate strategy while remaining agile in response to external challenges as they have emerged. With a strong balance sheet and operating cash flow, we are making significant investments in initiatives that will continue to sustainably grow our business and deliver for shareholders in FY23.” Mr Lowe said.