Orora Limited, a leading provider of sustainable packaging solutions, announced its latest financial results for the first two fiscal years of the year.
For Managing Director and CEO Brian Lowe, these are very positive results. “Orora delivered a solid result for fiscal 2022, reflecting the disciplined execution of our strategic priorities in the face of global supply chain and inflationary challenges,” he noted.
Underlying EBIT means that revenues and earnings in North America had grown steadily to drive the decline in core sales overruns, which also led to a boost in after-tax net profit generation.
“Our North American business again delivered an impressive improvement in financial and operating results, with revenue and profit growth driven largely by continued focus on business optimization and customer account profitability. Even so, however, cost of service has increased greatly with our relentless hit causing unpleasantness.”
“The team has done a commendable job of managing inflationary cost pressures and supply chain disruptions to deliver revenue growth and profits that demonstrate the resilience of the beverage business. Following significant volume growth in the prior year, cans saw a slight improvement in product sales mix and volumes, while the glass business successfully expanded into new product ranges to mitigate the impacts of lower wine volumes due to Chinese tariffs on Australian wine exports.
“I am incredibly proud of the performance of the entire team: we have delivered on our corporate strategy while responding with agility to external challenges as they have arisen. With a strong balance sheet and operating cash flow, we are making significant investments in initiatives that will continue to grow our business sustainably and deliver results for shareholders in FY23” said Lowe.
The company has made great strides in its sustainability objectives, aligned with the Circular Economy, Climate Change and Community pillars. In the circular economy pillar, Orora is on track to reach its 2025 target of 60% recycled content in the glass containers it produces. In FY22, the company achieved 38% recycled content in its manufactured glass containers, up from 31% in the previous year. Construction of the new approximately $25 million glass beneficiation plant in Gawler, South Australia, has been completed and will be operational this month, significantly increasing the recycled content of the company’s glass containers and reducing greenhouse gas emissions.
Fuel company Orora has reduced its greenhouse gas emissions by 40% by 2035 through a series of initiatives, including switching to oxyfuel in its G3 furnace. The company is also launching new standards such as “Stay Safe” for all team members, “Women in Leadership” (WILO) and the “Our Orora” culture program.
CARLSBERG RECOVERS TO ACHIEVE 20% PROFIT IN THE FIRST HALF OF THE YEAR
CROWN HOLDINGS ANNOUNCES STRONG FIRST QUARTER 2022 RESULTS
CARLSBERG EXPECTS EARNINGS SLOWDOWN IN 2022
SILGAN’S NEW RECORD GROWTH EXPECTED TO BOOST PROFITS
LINDAL GROUP WELCOMES ITS NEW NORTH AMERICAN SALES DIRECTOR
MOLSON COORS POSTS GOOD RESULTS DESPITE GLOBAL SUPPLY CHAIN CHALLENGES
SILGAN ANNOUNCES RECORD EARNINGS
AnheuserBusch with new CEO for North American operations
AUSTRALIA’S ORORA BREAKS NEW GROUND IN SUSTAINABILITY
BEMASA CAPS INCREASED ITS TURNOVER BY 12.9% IN 2020
