Revenues increased by14% to Euro 129.4 million (2012: Euro 113.1 million). EBITDA from operating activities increased 41% to Euro 17.4 million. Operating profit improved 58% to Euro 10.9 million in 2013. (2012: Euro 6.9 million) 4% increase in dividend to 1.35 cents per share (2012: 1.30 cents)
Commenting on the results, Dermot Smurfit, Chairman of Powerflute said: “I am delighted to report on a year of positive change and achievement during which we have grown volumes, revenues and operating profits considerably. In addition, we have successfully completed a number of major investment projects that will further strengthen the marketposition of our packaging papers business. We are beginning to realise the benefits of a more focused marketing and product development strategy and achieve returns on the investment projects completed in recent years. We are confident that there is scope for further improvement in both operational and financial performance of our existing businesses.
Market conditions have continued to be broadly favourable and the Group has made a positive start to 2014, with volumes and prices both well ahead of the same period of the prior year. The Group has a solid foundation from which to pursue development ofits existing businesses and to consider further strategic investments. We remain confident in our ability to create value for our shareholders.”
Powerflute Oyj is a paper and packaging group. The Group operates a paper mill in Kuopio, Finland which produces a specialised form of semi-chemical fluting made from locally sourced birch.
