• PPG's three month revenue to September slipped by $2.1m compared to the previous quarter, down to $77.8m.
    PPG's three month revenue to September slipped by $2.1m compared to the previous quarter, down to $77.8m.
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A challenging trading environment was cited by Pro-Pac as the reason its three month revenue to September slipped by $2.1m compared to the previous quarter, down to $77.8m.

The company said consumer spending patterns are slowing on squeezed household income, and a reduction in the levels of discretionary spending. However, Pro-Pac said the new Arnott's contract is now fully on-boarded, and will be reflected in the Q2 figures to December.

Flexibles accounted for 77.9 per cent of the business in the first quarter of the new financial year, with speciality packaging the remaining 22.1 per cent.

During the quarter Pro-Pac paid $532,000 to key management, and $2.78m to related party Visy, on ‘arms length terms’.

Pro-Pac currently has credit facilities of $39.1m, with $30m from ScottPac, a $5m ANZ bank overdraft, and a $4,1m ANZ letter of credit.

It used $15m worth of its credit, leaving it with $24.1m available. Its cashflow was a net positive of $2.9m for the quarter.

Food & Drink Business

A $22.2 million can line upgrade at Coca-Cola Europacific Partners (CCEP) Australia's Richlands facility is officially complete, and construction is now underway on an additional can line, backed by a further multi-year $75 million investment.

Plant-based food and beverage brand, Vitasoy, has partnered with not-for-profit water advocacy group, the Mulloon Institute, to conduct one of the country’s largest ever restoration projects.

Australian-founded global investment and advisory firm, Pollination, is working with some of the world’s largest food companies to develop and finance scalable solutions that will help decarbonise supply chains and accelerate the transition to more sustainable food systems. Food & Drink Business editor, Kim Berry, speaks to Pollination managing director APAC Team, Hamish Reid.