A year with large investment secures record earnings for Westpack A/S

PRESS RELEASE - july 2023

A growing customer portfolio and substantial internal investments have generated millions in profits and record earnings for Westpack A/S despite challenging external factors.

Westpack A/S in Holstebro, Denmark, which specializes in producing and selling packaging for, among other things, watches, jewellery, and glasses, has once again succeeded in delivering great numbers on the bottom line. This is shown in the recently published financial statements for the financial year 2022/2023.

The growth in earnings is mainly driven by the many new customers who have joined in the past year. Westpack A/S' competitiveness and the right business model have secured almost 28,000 customers compared to 23,000 customers at the same time last year. Growth has been particularly evident in the markets of Poland, Italy, France, and Germany.

Development despite challenges

Customer growth and solid financial figures have been delivered despite a challenging year with a number of external factors affecting the balance sheet and consumer confidence around Europe. This is according to Morten Dalsgaard, CEO of Westpack A/S.

Eight months of the financial year have been affected by Covid restrictions in Asia, and we have experienced rising electricity and raw material prices for most of the financial year. The situation in Ukraine, which has contributed to the rising inflation in the Western world, has also had a negative impact on consumer confidence throughout the financial period

- Morten Dalsgaard

But the world situation has not caused Westpack A/S to be idle during the financial year, where almost DKK 10 million has been invested internally. The large investments are, including other areas, used on machines and a strengthening of the organization.

We have invested in three new printing machines and increased the number of both cardboard box machines and assembly machines so that the overall production setup is strong in the face of the growing customer portfolio. At the same time, we have strengthened the organization in key positions, primarily in production and in our online business.

- Morten Dalsgaard

To support Westpack A/S' strong focus on ESG and reporting of the same, the company has, during the financial year, achieved certifications within both ISO 9001 and the UN's Sustainable Development Goals.

About Westpack A/S

Westpack A/S has developed, marketed, and sold quality packaging and accessories to the jewellery, watch and eyewear industry for 70 years. Sales are currently made through 16 language-versioned webshops as well as a team of professional Key Account Managers.

The company's ambition is to be Europe's preferred partner in packaging and accessories for the jewellery, watch, and eyewear industry.

Westpack A/S' mission is to make its customers' products look as good as possible. Whether the customer is just starting up or is well-established in the industry, Westpack A/S offers professional solutions at the right prices.

For further information:

CEO Morten Dalsgaard, Westpack A/S, tel. +45 41 71 75 81 / email: [email protected]