CTL is forecasting revenue of at least $200m in FY24. Credit: Pawel Czerwinski via Unsplash.

Sustainability solution provider Close the Loop (CTL) has reported revenue of $135.9m in financial year 2023 (FY23), a 52% increase from $89.2m in FY22.

For the year ending 30 June 2023, its operating profit was $22.4m in FY23, up 81% from $12.4m in FY22.

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The company’s gross profit for the reported period grew 68% to $47.6m.

Its net profit before tax was $14.9m, up 113% on the prior year’s corresponding period.

Revenue from the company’s Packaging division was $61.6m, accounting for 45% of total revenue, while its Resource Recovery division recorded revenue of $74.3m, accounting for the other 55% of revenue.

Its earnings before interest, taxes, depreciation and amortisation (EBITDA) for the year was $24.3m, increasing 70% from $14.3m in FY22.

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The company reported earnings before interest and taxes of $17.4m in FY23, up 76% from $9.9m in FY22.

CTL attributed this growth in full-year profit and EBITDA to the merger of its packaging and recycling businesses.

Close the Loop CEO Joe Foster said: “We are delighted to be reporting strong performance across the CTL group. In the financial year, our existing businesses have demonstrated substantial growth, showcasing a 19% increase in revenue. We have also continued to deliver on our inorganic global strategy and achieve the goals we set at the time of our IPO [initial public offering].”

Regarding 2024, CTL expects revenue to be at least $200m and to achieve an EBITDA of at least $43m.

CTL manufactures sustainable products and packaging that includes recyclable content.

It has operations in Australia, Europe, South Africa, and the US.