Canada-based packaging material supplier Winpak has reported full-year revenue of $1bn for the fiscal year 2021 (FY21), a 17.5% increase from $852.5m in 2020.

The company’s net income for the year dropped from $108.9m to $106.3m year-on-year, while its gross profit margins decreased from 30.9% of its revenue to 27.4%.

Winpak saw its sales volume grow 9.7% during the year, the company’s highest annual growth rate since 2014.

For the three months to 26 December, the company reported a 31.6% increase in revenue to $279.1m compared with $212.09m in the prior-year quarter.

Winpak’s Q4 net income was $30.31m, as against $28.07m in the same period of 2020.

The firm’s gross profit margin dropped to 27.6% of its revenue in Q4 2021, down from 30.8% in the same quarter of 2020.

For FY22, Winpak anticipates capital expenditures of approximately $60m to $70m.

The firm said it has implemented countermeasures to manage the financial impact and disruptive nature of the Covid-19 pandemic and supply chain issues.

In a statement, Winpak said: “The company remains steadfast with its prime focus being organic growth opportunities, new technologies and expanded product offerings, especially those that promote the core sustainability objectives.

“Complementary acquisition candidates that align strategically with Winpak’s strengths in sophisticated packaging for food, beverage and healthcare applications, providing a satisfactory economic return for shareholders, will be seriously considered and evaluated.”

Winpak also announced that it has almost finished installing a biaxially oriented polyamide line at its plant in Winnipeg, Canada.

The company plans to undertake pre-production activities in the first half of this year and the line is expected to be fully operational later this year.

Winpak specialises in flexible packaging, rigid packaging and flexible lidding and packaging machinery among other packaging technologies.

Based in Winnipeg, the firm primarily serves customers in the perishable foods, beverages and healthcare markets.