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Close The Loop announces half-year results

Manufacturing News

Close The Loop has announced positive half-year results, including earnings before interest, tax, depreciation and amortisation growth of 51 per cent versus the year before.

Among results for the half-year ending December 31, were pro forma revenue of $40.7 million, pro forma EBITDA of $7.4 million and pro forma net profit before tax of $4.97 million, up 22.6 per cent, 51 per cent, and 67.7 per cent respectively, based on the previous corresponding period.

CTL became “the first company to list on the ASX that provides full circular-economy solutions” in December last year.

The same month it acquired ten-year-old seafood packaging group Oceanic Agencies for a purchase price of $3.25 million including an earn-out component. This was followed by acquisition of bulk packaging, handling and storage solutions company Crasti & Co, outside of the reporting period.

Revenues were underpinned by strong growth in both the packaging and resource recovery businesses, said CEO Joe Foster (pictured) in a statement to the ASX. 

“This strong financial performance was driven by our USA operations trading ahead of budget, along with the addition of new services in the EU and has us well placed to meet end-of-year forecasts,” he added.

“Operationally, we have made headway on our growth strategy acquiring two strategically compelling businesses, Oceanic Agencies and post reporting period, Crasti & Co, that will further strengthen Close the Loop’s ability to provide a broad range of products to meet the growing need for a circular economy solution as it fits well into our take back and circular economy program.”

Picture: supplied

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