MM has released its results for its first half 2023.
The Group’s consolidated sales of €2,181.4m were below the previous year’s figure (€2,218.5m). A primarily volume-related decline in the division MM Board & Paper was offset by an acquisition and price-related increase in the division MM Packaging.
Operating profit was €104m, down 63.5% (€285m). This decline primarily results from extensive market and capex-related downtime at MM Board & Paper.
Peter Oswald, CEO, comments, “The development of the MM Group in the first half-year reflects the continuing weak demand in the cartonboard and paper sector after the record year 2022. As already communicated in mid-June, the significant decline in results is mainly attributable to the weak volume development in the division MM Board & Paper. In contrast, the division MM Packaging was able to record an overall positive performance with the successful integration of last year’s acquisitions in the resilient pharmaceutical packaging sector and factoring in one-off restructuring costs.”