Orora delivers an increase of 11.0 percent underlying EBIT and 0.5 percent underlying NPAT as it enters a new phase with Saverglass, part of the Orora Group.
Commenting on Orora’s half year results, Brian Lowe, Managing Director and Chief Executive Officer, said, “The period was marked by a significant milestone for Orora, with the acquisition of premium global glass business Saverglass completed in December. Against a backdrop of challenging economic conditions, Orora once again delivered a solid earnings performance for the first half, with growth reported in underlying EBIT and NPAT.
“Sustained business optimisation gains with strong embedded pricing discipline delivered an increase in EBIT of 0.9 percent from OPS North America, despite being impacted by ongoing softness in the broader North American manufacturing industry.
“Underlying EBIT increased by 2.2 percent in Beverage Australasia, reflecting another robust performance from the team, with continued volume growth and improved product mix in cans volumes partially offset by lower glass volumes.
“And for its first month under the ownership of Orora, Saverglass performed in line with expectations during December 2023.”
Sustainability update
Orora continued to make good progress toward ‘Our Promise to the Future’ sustainability goals aligned to the pillars of Circular Economy, Climate Change and Community. Saverglass’ sustainability targets are in line with, and in some instances in advance of, Orora’s sustainability targets, as reflected by its Science-Based Target initiative certification.
New solar and wind farm PPAs were secured in 2023 for electricity consumption at Orora’s South Australian and Queensland facilities. The Saverglass F5 furnace was recommissioned in December 2023 as a low-carbon hybrid furnace delivering up to 30 percent electricity boost, and successful hydrogen trials were competed at Saverglass’ furnace in Feuquiéres, France.
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