SIG forecasts an adjusted EBITDA margin of the lower half of the range of 25%-26% in FY24. Credit: neiromobile via Shutterstock.

Aseptic carton supplier SIG has announced a remarkable growth in net income for financial year 2023 (FY23), reaching €243.2m ($263.5m), up by €205.4m from €37.8m in FY22.

The company’s diluted earnings per share also saw a substantial increase, standing at €0.64 compared to €0.10 a year ago.

SIG delivered total revenue of €3.23bn in FY23, marking an 18.5% increase on a constant currency basis from €2.77bn in FY22.

This revenue growth was attributed to strong regional performances, particularly in the company’s Americas and Europe segments, which saw increases of 29.8% and 16.9% (reported currency), respectively.

SIG’s earnings before interest and taxes also rose to €449.1m in FY23, up from €114.8m in FY22.

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SIG CEO Samuel Sigrist said: “We are pleased with SIG’s strong revenue performance amid some softness in our end markets due to food price inflation impacting demand.

“We continue to identify and to realise cross-selling wins between our different substrates underpinning our strategy to offer a broader product portfolio to our food and beverage customers.”

Looking ahead to FY24, SIG forecasts a low end of the range of 4%-6% constant currency revenue growth and an adjusted EBITDA margin of the lower half of the range of 25%-26%.

In November last year, SIG opened a new Packaging Development Center at its packaging plants in Linnich, Germany.