Packaging group Pact expects supply chain availability issues, rising raw material costs and elevated energy prices to remain throughout the first half of the 2023 financial year, before normalising in the second half.“Pact expects ongoing supply chain disruption, cost increases across most spend categories and volatile labour availability. Despite these
Pact’s net profit fell 25 per cent to $70 million in the year to June 30. The company said this was “due in part to the absence of one-off revenue in the Contract Manufacturing segment recorded in FY21”.Revenue rose 4 per cent to $1.8 billion on the back of “solid demand for sustainable packaging”. EBIT fell 15 per cent to $156 million, in line with guidance.
“While we continue to see escalating demand for recycled content, our performance was impacted by higher costs of both input materials and labour, as well as additional costs due to the ongoing impact of COVID and supply chain disruption.”
Source: Holiday News (holidaynews.net)
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