International company Pro-Pac Packaging has reported revenue from continued operations of A$339.1m ($218.65m) in financial year 2023 (FY23), down 5.5% from A$358.7m in FY22.

During the year ending 30 June 2023, revenue for the company’s flexible division decreased by 5.1% to A$265.3m while revenue of its speciality packaging division dropped by 6.8% to A$73.8m.

The company’s profit before tax (PBT) from continuing operations improved by A$1.8m to a loss of A$10.6m, compared to A$12.4m in FY22.

Its PBT margin loss improved 0.4% to 3.1% in FY23 from a loss of 3.5% a year ago.

The company’s earnings before interest and taxes (EBIT) also improved by A$0.5m to a loss of A$5.3m in FY23 from A$5.8m in FY22.

Pro-Pac saw its net debt down by A$9.7m to A$13.9m in FY23 from A$23.6m in the previous year.

Pro-Pac CEO and managing director John Cerini said: “We have been resolutely focused on delivering our strategy of improved operational performance, cost reduction and position for profitable growth, in the face of a challenging market and in a high inflationary period which has created uncertainty around consumer buying patterns.

“We are gaining new customers and achieving growth in our existing customer base, as we restore customer confidence through better service delivery. Recent investments in new equipment and site rationalisations completed will allow the business to grow volumes without the need for further significant capital spend. The Flexibles business has secured the Arnotts contract for their flexible packaging requirements, which will benefit FY24.

"We also remain focused on lowering costs across the organisation and creating a structure to achieve more profitable growth. Innovation also plays a key role in our strategic plans. We believe there are real benefits for our customers and our communities through our committed approach to innovation.”