Orora has announced financial results for the full year ended 30 June 2019 with underlying net profit after tax (NPAT) up 4.0% to $217.0 million, earnings before interest and tax (EBIT) 3.7% higher to $335.2 million and earnings per share (EPS) up 3.7% to 18.0 cents per share.
Commenting on Orora's result, Managing Director and CEO, Nigel Garrard, said: 'Orora has delivered another year of earnings growth, with underlying NPAT, EBIT and EPS all higher, despite challenging economic and market conditions, particularly in North America.'
'The positive result underlines the value of Orora's portfolio of businesses, serving established market segments and spread across geographies in Australasia and North America, with solid profit growth in Australasia helping to offset lower earnings from North America.
'Orora has been proactive in responding to the challenging market conditions by completing a group wide restructuring initiative which resulted in recording a significant item expense after tax of $20.8 million. This initiative impacts both Australasia and North America and aims to drive efficiency, as well as reset the cost base to better match expected market conditions.
'In terms of the segment results, the Australasian Fibre and Beverage businesses continue to demonstrate strength and resilience, with revenue growth and earnings benefits from a continued focus on operating efficiency and investments in assets and innovation driving profit growth, despite further input cost pressures.
'In North America, constant currency earnings were lower, with Orora Packaging Solutions and Visual businesses encountering volume and margin pressures in generally tough trading conditions especially in early calendar 2019. The continued focus on higher growth market segments in OPS and the addition of new account wins in Orora Visual helped deliver sales growth. The integration of the recent acquisitions (Bronco Packaging, effective 1 September 2018 and Pollock Packaging, effective 1 December 2018) are delivering to expectation,' Mr Garrard said.
More information about our results for the full year ended 30 June 2019 available under ASX releases.