• Revenue down 10.1% to $142.9 million
• Net loss from continuing operations up >100% to $36.8 million
• Significant items of $24.4 million include $20.7 million impairment loss

Pro-Pac Packaging Ltd reported a 10.1% decrease in revenue to $142.9 million for the half-year ended 31 December 2024, compared to the prior corresponding period. This was driven by a $13.6 million reduction in sales to a major customer in the Middle East, as well as lower volumes in the Flexibles Packaging segment due to reduced consumer spending and weather conditions. The company's net loss from continuing operations increased by more than 100% to $36.8 million, which included significant items of $24.4 million, including a $20.7 million impairment loss. The Specialty Distribution segment performed better, with a 26.2% increase in EBITDA pre-AASB 16 before corporate costs. The company's balance sheet showed a decrease in net assets of 43.8% to $45.6 million, with net debt increasing to $41.1 million. The company is currently working with advisors to undertake a strategic review of its businesses and explore plans for improved profitability and longer-term funding arrangements.

First half FY2025 EBITDA (before significant items) was an improvement on second half FY2024 (before significant items), however the company expects full year FY2025 to be below FY2024 EBITDA (before significant items). Market conditions and exchange rate movements continue to be challenging and will impact expected results in the second half.