Despite a challenging economic environment, IFCO remained on a sustainable and profitable growth path in 2010. Key performance indicators such as revenues, operational profit and operating cash flows all reached record levels in 2010.
IFCO’s currency adjusted group revenues and operational profitability (EBITDA) both continued to grow in 2010 as compared to 2009. IFCO’s currency adjusted group revenues grew by 9.1% to US $785.4 million and currency adjusted EBITDA increased by 20.1% to US $149.7 million in 2010 compared to 2009.
Retailers worldwide are strengthening their emphasis in reusable plastic packaging solutions to lower the environmental impact and improve their supply chain efficiency. As a result, IFCO’s RPC business has enjoyed strong demand for its reusable packaging solutions.
As a result, RPC Management Services delivered significant gains in currency adjusted revenues (by 18.3%), gross profit (by 28.5%) and EBITDA (by 20.4%) in 2010 as compared to 2009. 2010 revenues in the Pallet Management Services business segment declined slightly (by 1.3%) while gross profit (by 4.2%) and EBITDA (by 10.3%) grew compared to 2009.
The company enjoyed organic volume growth in its European RPC business as well as strong and sustainable growth in its RPC US business. European wins included Spar in Austria. The company is continuing its efforts to develop its East European business.
Read more detailed coverage of IFCO 2010 results.