Powerflute's revenue surges 138%

Packaging firm Powerflute is considering further takeover opportunities after seeing its purchase of international cardboard manufacturer, Corenso in 2014, enhance earnings significantly last year.

The Irish-founded firm yesterday reported a 138% surge in annual revenues to €357.2m. Pre-tax profits, for 2015, amounted to €37.7m, up from €8.6m in 2014, and basic earnings per share rose from 2.2c to 9.1c. A 100% increase to 3c per share in annual dividend has also been proposed.

The Dermot Smurfit Snr- founded and chaired firm bought Corenso, for €81m, in late 2014. The deal has been described by management as “transformational” in that it has more than doubled Powerflute’s size and profitability and increased its overall scale and global presence.