IPL Plastics has posted revenues of $657.8 million in its fiscal 2018, ending 31 December 2018, an increase of 22.7% on the previous year.
Revenue for the final quarter of the year increased by 21.4% to $162 million.
It reported an adjusted EBITDA of $78 million for the year (Q4: $17.7 million), driven by continued organic growth but was offset by a change in product mix and by input cost pressures, particularly from high resin prices.
Commenting on the results, Alan Walsh, CEO of IPL Plastics said “the 2018 results were satisfactory given the sustained increases in resin, labour, and freight throughout the year and the significant level of restructuring initiatives completed by management to transition to a fully listed public company in June 2018.”
“With the progress we have made with our resin procurement strategies and the implementation of the business optimisation programme, we are focused on maximising the profitability of our existing product portfolio and market positions,” he continued.
“Our 2019 expectation is for an overall solid improvement in the Group’s trading performance reflecting the benefits of the various initiatives we have taken and the underlying robustness of our business.
IPL said that it is focused on delivering an overall improvement in operating and financial performance in Fiscal 2019, supported by the recent significant capital expenditure program which is nearing completion, advances in resin procurement strategies, and stabilisation of freight costs.
It expects that total cash outflow will decrease significantly in 2019 in the absence of new capital investment growth opportunities.
© 2019 Checkout – your source for the latest Irish retail news. Article by Aidan O’Sullivan. Click subscribe to sign up for the Checkout print edition.