Saturday 10 December 2016

Powerflute breaks sales and production records across group

Published 08/03/2016 | 08:03

Dermot Smurfit brings experience to the sector
Dermot Smurfit brings experience to the sector

Powerflute, the Irish-founded packaging company, has broken sales and production records across the group after revenues at the firm jumped to €357.2m last year.

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The company's increased revenue for 2015 is in stark contrast to the €150m it pulled in in sales in 2014.

EBITDA excluding non-recurring items at the firm increased to €55.2m up from €20.9m in 2014.

The firm also doubled its dividend from 1.5c per share to 3c per share.

Powerflute chairman, Dermot Smurfit, described 2015 as another successful year for the firm.

“Despite some recent softening of market conditions, both Coreboard and Cores and Packaging Papers currently have satisfactory forward order books at price levels comparable with the prior year.

"In the absence of any marked change in the external environment, we currently expect that 2016 will be another successful year for the Group," Mr Smurfit said.

The group's profit before tax rose from €8.6m to €37.7m, while earnings per share at the firm grew to 9.1c per share.

Powerflute also cited its acquisition of Corenso, a coreboard international manufacturer, as "transformational".

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