We are pleased to announce that for the period ended 30th March 2019 we generated an EBITDA of £14.0 million on revenue of £138.5 million. This has been delivered from a combination of sales to long standing customers and, encouragingly, to new customers. Many of these new customers have been attracted to working with us as a direct result of our new independent status.
These strong results together with the support of Epiris, our private equity owners, has enabled us to commence a £17.0 million capital investment programme – the largest such investment in the company for many years. This investment will increase capacity and technical capabilities and ensure we continue to meet our customers’ evolving needs while at the same time reducing our environmental footprint.
During a busy year we have successfully transitioned to new ownership and organisational structure, won new customers and commenced a major capital investment programme. All of this has been made possible by the highly skilled and dedicated work force at our sites in Overton and Bathford.
Ross Holliday, Chief Executive Officer commented: “The entire Portals team is enormously proud of its achievements this year. We have successfully transitioned to new ownership while maintaining stability for our customers, employees and suppliers. In both of our paper mills we have sought to maintain the high standards of service and quality our customers demand and are delighted to have welcomed new customers too. With our skilled work force and the benefit of our investment programme we are well placed to continue to serve our customers and meet their exacting standards for many years to come.”
Revenue – £138.5 million
EBITDA – £14.0 million
Capital investments initiated – £17.0 million
At Portals, we’ve been making paper for the world’s leading security printers for over 300 years. We are now one of the world’s leading commercial producers of banknote substrate and we are the largest producer of cylinder mould paper for the passport market.