TOMRA, the global technology leader in sensor based solutions for optimal resource productivity, announces its financial results for the second quarter of 2023. All business divisions - Collection, Recycling, and Food - deliver all-time high revenues totaling 3,879 MNOK in the quarter. This corresponds to 27% growth from the same period last year and 14% when adjusting for currency effects.
Highlights 2Q 2023
(all growth figures are from the second quarter last year and adjusted for currency)
- Revenues amounted to 3,879 MNOK, up 14%
- Revenue growth of 15% in Collection, 26% in Recycling, and 4% in Food
- Gross margin improved to 42.5%, corresponding to an increase of 0.6 percentage points
- Operating expenses amounted to 1,112 MNOK, in line with the previous nine month's level when adjusted for currency and general inflation
- EBITA was 536 MNOK, up 3%
- Cash flow from operations of 41 MNOK, increase in receivables of 605 MNOK
- Recycling order backlog growth of 28%
"I am very pleased that we continue to deliver on our strategic growth ambitions, delivering all-time high revenues in all three divisions - Collection, Recycling and Food. At the same time, we have lifted gross margins in both Collection and Recycling while scaling up the organization for further growth and continuing to innovate. We are also taking further actions to improve performance in our Food division where we have been seeing weaker market sentiment in the current macroeconomic environment."
"TOMRA is well positioned to develop adjacent opportunities to our core business, and I am very excited about the progress we are making in these new ventures. There is a legislative push to advance the circularity of plastic packaging through recycled content targets and reusable takeaway packaging. In TOMRA, we innovate new circular business models based on our technology. This quarter, we announced together with Plastretur that we will create
"Looking ahead, we are optimistic about the long-term demand for better resource productivity, which is driven by megatrends such as population increase, a growing middle-class consumer base, greater urbanization, and hence the need for increased focus on sustainability and climate change. With the technology we provide, TOMRA is well-positioned to enable society meet the challenges that follow by transforming how we obtain, use and reuse our world's resources."
Webcast:
President & CEO
Asker,
For further information, please contact:
Eva Sagemo, CFO
Tel: +47 934 39 911
Tel: +47 913 61 899
TOMRA was founded on an innovation in 1972 that began with the design, manufacturing and sale of reverse vending machines for automated collection of used beverage containers. Today TOMRA provides technology-led solutions that optimize resource use and recovery in the food, recycling, and ore sorting industries.
TOMRA has more than 105,000 installations in over 100 markets worldwide and had total revenues of
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
https://news.cision.com/tomra-systems-asa/r/tomra--all-time-high-revenues-in-all-divisions-in-the-second-quarter-2023,c3804974
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https://mb.cision.com/Public/4659/3804974/9bd4cc0735ce1eda.pdf
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