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Avery Dennison sees 11.7% sales growth in Q2

Sophie Smith
02 August 2022

Global materials science company Avery Dennison has released its financial results for the second quarter ending 2 July 2022, revealing a 11.7% increase in net sales to £1.8 billion ($2.3 billion).

Reported sales for label and graphic materials (LGM) increased 8% to £1.2 billion ($1.5 billion).

Adjusted EBITDA margin for the LGM category increased 50 basis points to 17.1%, as the benefits from the net impact of pricing, freight and raw material costs, productivity and mix offset higher employee-related costs and lower volume.

Reported sales for retail branding and information solutions (RBIS) increased 24% to £539 million ($658 million).

Adjusted EBITDA margin for the RBIS category increased 220 basis points to 19.0%, as the combined benefit from higher organic volume and acquisitions was partially offset by growth investments and higher employee-related costs.

In the second quarter, the company realised approximately £4.9 million ($6 million) in pre-tax savings from restructuring, net of transition costs and incurred pre-tax restructuring charges of approximately £2.4 million ($3 million).

Mitch Butier, Chairman and CEO at Avery Dennison, said: “We once again delivered strong financial results amidst a dynamic environment, with earnings above expectations. LGM and RBIS delivered impressive earnings growth.

"Our strong performance comes at a challenging time as supply chains remain tight, inflationary pressures are significant and COVID-19 continues. Despite these challenges and a significant currency translation headwind, we have raised our guidance for the year."

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