Cosmetics packaging maker Quadpack (Barcelona / Spain; www.quadpack.com
) suffered its first ever income loss and revenue drop as the Covid-19 pandemic depressed profit to a loss of EUR 1.5m in the fiscal year ending January 2021, from a profit of EUR 3.7m the year earlier. Revenues decreased 22% to EUR 131m amidst an 8% slowdown in the global beauty market, which has had a decade of 3-5% growth yearly.
The first-time inclusion of results of Inotechs (Nabburg / Germany; www.inotech.de
) cosmetics business and German rival Louvrette (Kierpse; www.louvrette.de
), both acquired in 2019, had partly offset the decline in organic revenue growth (see Plasteurope.com of 24.09.2019
Wage cuts generated savings that helped mitigate a steep fall in operating profit, which had managed to end positive at EUR 0.2m. EBITDA reached EUR 8.5m from EUR 13.6m. EMEA, accounting for 80% of sales in 2020, was the worst hit with a 20% sales decline. The Americas remained resilient during the crisis, posting growth of 8%. Asia-Pacific remained flat.