Cabka: Plastics recycler with stable turnover in 2023

Cabka N.V., which specialises in the processing of difficult-to-recycle plastic waste into reusable transport packaging (RTP), recently announced its preliminary business figures for 2023.

The final quarter of 2023 showed a significant increase in turnover of 35 per cent compared to the previous quarter to EUR 53 million (Q3 2023: EUR 40 million). Total turnover for 2023 amounted to EUR 197 million, six per cent below the record turnover of EUR 209 million in 2022. Total sales in 2023 were three million euros below the forecast, which is attributed to the delayed start of a new customer project. This would have had a negative impact of 0.8 per cent on the operating EBITDA margin for the full year 2023.

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The company expects an operating EBITDA of EUR 24.2 million for the full year 2023 and an improvement in the operating EBITDA margin of 1.5 percentage points to 12.3 per cent in 2023 compared to 10.8 per cent in 2022.

The strategic core segment "Customized Solutions" continued to develop well and recorded strong growth of 20 per cent in 2023. The positive momentum in the fourth quarter accelerated further with the launch of new products in close cooperation with CHEP, Continental and BMW. Cabka's "Eco" business grew by seven per cent following the completion of the capacity expansion at the beginning of the year.

Rising interest rates led to a significant reduction in inventories and limited capital investment by customers in most of Cabka's end markets. This led to lower overall market demand and price pressure throughout the industry.

According to the company, the decline in total sales is due to the sale of the PVC business and the decline in sales in the non-strategic contract manufacturing segment.

Cabka recycles plastics from post-consumer and post-industrial waste into reusable transport packaging (RTP) such as pallets and large container solutions. "Eco" products are mainly construction and road safety products made exclusively from post-consumer waste.

More information: cabka.com

Cabka N.V., Amsterdam, Netherlands

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