Earnings increase at IPL Plastics
Toronto-listed IPL Plastics has seen its adjusted earnings increase 25pc year-on-year to $28.5m (€25m) on the back of improved margins across the group, in the three months to 30 June.
The company’s adjusted earnings margin in the second quarter of this year increased to 16.9pc from 12.8pc, on a gross profit improvement of $6.8m (€6m), according to results from the group.
However, revenue at the company – formerly known as One 51 – declined 5.4pc to $168.6m (€151m) in the three month period.
Alan Walsh, CEO of IPL Plastics, said the company made “excellent progress” in rebuilding margins during the second quarter.
“That growth was underpinned by improvements in our operations, lower resin costs and the contribution from the Loomans acquisition.”
The fall in turnover was driven by “temporary declines” in the group’s Returnable Packaging Solutions and Large Format Packaging and Environmental Solutions arms, which were offset by growth in Consumer Packaging Solutions division.