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Mondi earnings fall in FY24 despite modest revenue growth
(Sharecast News) - Paper and packaging business Mondi said on Thursday that earnings had fallen in FY24 despite reporting a modest improvement in revenues. Mondi said group revenues had grown from €7.33bn in FY23 to €7.41bn in FY24 but stated underlying earnings had dropped 12.65% to €1.04bn and pre-tax profits were off by 44.57% to €378.0m.
Underlying EBITDA margins slipped from 16.4% to 14.1% and the FTSE 100-listed firm stated that cash generated from operations had sunk from €1.31bn in FY23 to €970.0m in FY24.
Chief executive Andrew King said: " Mondi demonstrated resilience through the year in the face of ongoing difficult trading conditions, characterised by soft demand and a challenging pricing environment. This resilience highlights the strength of our cost-competitive, strategically located integrated assets and our great people.
"As we move into 2025, while significant macroeconomic and geopolitical uncertainties remain, we are currently seeing improving order books across our packaging businesses and are implementing price increases across our range of packaging paper grades. With our culture of continuous improvement, we are focused on managing costs and driving productivity, alongside ramping up our new capacity expansion projects."
As of 0920 GMT, Mondi shares were up 1.14% at 1,289.0p.
Reporting by Iain Gilbert at Sharecast.com
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