Pact Group, currently the subject of a takeover bid by major shareholder and company founder Raphael Geminder, saw its first half revenue fall by 4.7 per cent, while its EBIT rose by 3.9 per cent.
Sales for the half year were $951.2m, compared with $998.1m in the first half last year. Its EBIT, however increased by $2.9m. or 3.9 per cent, to $78.3m, up from $75.4m last time. EBITDA meanwhile fell by 2.9 per cent, down by $4m to $137m.
The 2024 first half figures include five months at 100 per cent of its Crates Pooling and Crates Manufacturing business, and one month at 50 per cent, following its sale of half of the business at the end of November.
Pact implemented some $20m in cost savings in the first quarter, and says these savings will offset the drop in profit over the rest of the year from the sale of half of the Crates business.
The Group used most of the $225m from the sale of half of the Crates business to pay down debt, which now stands at $428m, down from $633m.
Pact's half year results and report will be out in full next week.