The first six months of fiscal 2024 saw a slight improvement for the Vetropack Group as compared to the weak second half of 2023. With net sales from goods and services of CHF 444.9 million (prior year: CHF 477.9 million), the Vetropack Group posted a downturn of -6.9 percent year-on-year (after adjusting for currency effects: -4.4 percent).
Some degree of stabilisation is discernible in Vetropack core markets, but there can-not be any talk of a general recovery as yet. For these reasons, the Group is not anticipating growth in the second half either; in fact, it continues to expect the full-year result for 2024 to be lower than in the previous year
Demand for glass packaging is stagnant at a low level, so the same is also true of sales – and the markets are only recovering slowly. In the first half of 2024, this situation was manifested (for example) by a high number of line downtime days. In order to counteract overcapacity and thus avert a potential decrease in prices, Vetropack temporarily took capacities out of operation or – as happened at the site in Kyjov, Czech Republic, – brought them back into operation later than planned.
The full report is available here.