DÜSSELDORF (dpa-AFX) - Persistent headwinds due to continued destocking by pharmaceutical customers have slowed down the packaging manufacturer Gerresheimer at the start of the year. Sales in the first financial quarter (to the end of February) rose by 1.8 percent year-on-year to a good EUR 466 million, as the MDax group announced on Thursday. On its own - i.e. excluding portfolio and exchange rate effects - growth amounted to 2.8 percent. Adjusted for special effects, earnings before interest, taxes, depreciation and amortization (EBITDA) increased by 3.7 percent to 80.9 million euros. Average analyst estimates were slightly exceeded with turnover and achieved with the operating result. The company confirmed its growth outlook for 2024 and 2025.

The PPG division's business with pharmaceutical primary packaging, including glass vials, cartridges and ampoules, was under pressure at the start of the year. However, this does not come as a surprise, as customers had stocked up well during the coronavirus pandemic for fear of shortages and are now using up their stocks for the time being. By contrast, the Plastics & Devices division, which focuses on plastic packaging, prefillable syringes, inhalers and pens, among other things, grew significantly. The bottom line for the Düsseldorf-based company's shareholders in the first quarter was a surplus of a good 13 million euros - compared to 12.05 million a year ago./mis/nas