Nampak reports strong profit growth as turnaround strategy bears fruit

NAMPAK, the JSE listed packaging group, said attributable profit increased strongly to R1.2 billion in the 12 months to September 30, from R625.6 million the year before, as the group's turnaround gathered momentum.

- EDWARD WEST

Group revenue of R10.7bn from continuing operations increased by 8%. This resulted in earnings per share of 13 971.8 cents compared to 7 554.0 cents per share in the previous year.

Headline earnings per share came to 10 510 cents compared to 3 361.1 cents per share in the prior period. No dividends were declared.

The results showed: "Strong earnings growth with significant reduction in net finance costs and net debt, supported by disposal proceeds and improved cash flows," said Glen Fullerton, the chief financial officer, in the group's only presentation.

Beverage Nigeria, Inspection & Coding Solutions, certain Kenya assets and the Tubes business were disposed of during the year.