Margin Pressure Drives Tough 1H for No-Moat Pact Group, Outlook Is Better
Modest organic volume growth and acquisitions drove strong top line growth in no-moat Pact Group’s Australian business during the first half, but was offset by weaker margins and a difficult period for the international business. Group revenue rose by 11% on pcp to AUD 808 million, led by Australia, but group EBITDA remained at AUD 121 million and EBIT declined 4% pcp as depreciation kicked in from the commissioning of the crate pooling assets. Underlying NPAT was also 4% lower at AUD 51 million...
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