TORONTO, March 6,
2025 /CNW/ - Richards Packaging Income Fund
(TSX: RPI.UN) (the "Fund") announced today results for
the fourth quarter and the year ended December 31,
2024.
"The 2024 results reflected the continuation of heavy food and
beverage losses but resulted in limited impact on net income. The
second half put a renewed focus on tuck under acquisitions with the
addition of Insight in June and momentum carried with the additions
of National Dental and HL Production SA in February 2025, all of which is expected to bring
us back to overall revenue growth.
Revenue contraction of 4% in 2024 was driven by the food &
beverage markets and slower clinical healthcare capital sales with
overall healthcare exceeding 52% of our product mix. Net income was
down $3 million, or $0.13 per Unit, mainly due to a lower mark to
market gain on exchangeable shares, exceptional items and
contingent consideration revaluation.
Fourth quarter revenue performance declined 4% on lower
healthcare capital sales along with a decline in food and beverage
offset by a positive impact from currency translation with the
dollar at U.S./Cdn. 72¢. Net income decreased $2 million mainly due to exceptional items and
contingent consideration revaluation offset by a lower mark to
market gain on exchangeable shares." commented Gerry Glynn, Director and Trustee.
We are also pleased to announce that Mr. John Glynn has been selected to fill the
currently vacant position of Chief Executive Officer of the Fund
and its subsidiaries. Mr. Glynn has been the President of the Fund
since September 2023 and has been
instrumental in leading the Clarion team at the same time since his
appointment there in May 2023. He has
orchestrated the acquisition of three companies and spearheaded
operational projects to enhance the people, process and systems of
our organization. "I am honoured to carry on 113 years of family
leadership at Richards and excited to take the reins for the next
leg of our journey. Thank you to the Board and to all those who
have come before for believing in the vision that we work every day
to make a reality", commented Mr. Glynn. Mr. Glynn will also assume
a Trustee and Director position on the Board of Trustees of the
Fund and Board of Directors of the Subsidiaries.
Details of the Fund's results are currently available on
Richards Packaging's website at www.richardspackaging.com and on
SEDAR+ at www.sedarplus.ca.
About Richards Packaging Income Fund
The Fund owns Richards Packaging Inc. ("Richards Packaging")
which since 1912 has served a wide customer base throughout
North America comprised of over
18,000 regional food, beverage, cosmetics, healthcare, and other
enterprises.
SOURCE Richards Packaging Inc.
