Colorpak posts sales and profit rise

The Australian packaging giant posted revenues for the last financial year of $80.1m, up 3.2% from $77.7m the year before. This led to a net profit of $6.4m, up 14.1% from $5.6m in 2008/09.

The company said in the results report that the increase “came from a combination of solid sales growth in the pharmaceutical, beverage and fast moving consumer goods sectors”.

“This sales increase, while modest, is pleasing given the fact that we lost a major cosmetic carton contract offshore valued at $1.9m p.a. during this year due to the closure of their local manufacturing operation,” the company said.

Astra Zeneca advised Colorpak in December 2009 that it intended to close its Australian operations by the end of 2012.

“Astra Zeneca’s decision may impact on Colorpak’s results from 2012, however it remains too early to accurately predict the effect, and the company considers there is ample time to secure replacement business,” Colorpak said.

The company forecast that the integration of Remedies Print, which it acquired out of administration in April, would deliver revenues of $1m-$2m per annum.

Colorpak’s net debt has also been reduced from $27.8m to $22.7m as of 30 June, 2010. The company also limited its capital expenditure to $1.2m for the year, the lowest figure since it was publicly listed. Net capital expenditure for the coming year is expected to be around $4m.

The company’s fully audited results will be presented at its AGM in Melbourne on 22 October.

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