Pact Group Holdings Ltd FY24 Results

Pact Group Holdings Ltd (ASX: PGH) has successfully divested 50% of its Crate Pooling and Crate Manufacturing business, forming a joint venture with global infrastructure investment manager Morrison & Co. In comparison, the FY24 Continuing Operations result encompasses seven months of 50% net profit after tax for the Crates Business.

The Total Company's Underlying earnings before interest and tax saw a remarkable 6.4% increase from the previous corresponding period. This significant progress was achieved through implementing cost-effective measures under the Transformation Plan, which reduced the cost of raw materials and consumables by 6.1%. Pact reinforced its balance sheet, reporting net debt of AU$ 418.9 million on the reporting date, down AU$ 166.7 million from the pcp. Proceeds from the sale of the Crates Business significantly contributed to this result.

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