Close The Loop Inc
ASX:CLG
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Close The Loop Inc
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Close The Loop Inc
Close the Loop Ltd. provides waste collection services. The company is headquartered in Melbourne, Victoria. The company went IPO on 2021-12-02. The firm offers sustainability solutions to help companies to enhance corporate social responsibility programs. The firm's product Enviroliner is a felt tip pen which can be recycled over and over again just by placing used pen back in the printer cartridge recycling box. The firm also provides TonerPlas, which is an asphalt additive designed to melt into, extend and modify the bituminous binder mastic in asphalt. The firm provides reverse logistics capability and customer service infrastructure to deliver a national batteries collection program. The firm's collection program, Cartridges 4 Planet Ark is a vendor program operated in Australia to specifically collect and divert as many cartridges from Australian landfills as possible.
Close the Loop Ltd. provides waste collection services. The company is headquartered in Melbourne, Victoria. The company went IPO on 2021-12-02. The firm offers sustainability solutions to help companies to enhance corporate social responsibility programs. The firm's product Enviroliner is a felt tip pen which can be recycled over and over again just by placing used pen back in the printer cartridge recycling box. The firm also provides TonerPlas, which is an asphalt additive designed to melt into, extend and modify the bituminous binder mastic in asphalt. The firm provides reverse logistics capability and customer service infrastructure to deliver a national batteries collection program. The firm's collection program, Cartridges 4 Planet Ark is a vendor program operated in Australia to specifically collect and divert as many cartridges from Australian landfills as possible.
Revenue: Close the Loop reported first half revenue of $92.3 million, up 2% from the prior period, driven mainly by Packaging division growth.
Profit Impact: The group posted a statutory loss of $26.9 million, heavily impacted by a $23 million write-down of intangible assets.
Underlying Earnings: Excluding write-downs and one-offs, underlying net profit was $2.5 million, down from $5.7 million last period due to softer ITAD volumes and unfavorable product mix.
Divestments: The company divested Alliance Paper and O F Flexo to focus on higher-margin, core businesses and relieve financial burdens.
Packaging Strength: Packaging saw 18% sales growth in South Africa and Australia, with EBITDA from Packaging up 27% on 18% sales growth.
Debt & Cash: Net debt increased slightly due to cash used in divestments, but borrowings decreased by $4 million and cash on hand remains strong at $24 million.
Outlook: Management expects positive cash flow in the second half, continued focus on debt reduction, and further growth in Packaging, with new markets targeted.
