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Paper merchanting group Antalis has posted its year-end results, with a perfect storm of Brexit uncertainty, currency fluctuations and declining paper volumes heavily impacting profitability.
The figures to 31 December showed sales across the group had slipped 2.8% to €2.31bn (£1.98bn. 2017: €2.38bn), while EBITDA fell 11.5% to €74.7m.
The group’s report attributed weaker revenue to a 7% decline in paper volumes across Europe, as well as negative impact from the decline of the pound and the Swiss franc and the offloading of its €24m combined turnover subsidiaries in South Africa and Botswana.
However, David Hunter, UK and Ireland managing director, said the results were in line with expectations, and held “no surprises”. He described many of the factors that hit the 2018 results as “big, non-recurring events” that would not echo into 2019.
A gross profit of €560.2m (2017: €582.4) pointed to the company’s continued health, he said.
“I think the key message to take is the difference between our EBITDA and what we actually generated,” he said. “Across the piece, our results were in line with what we expected.”