Pleass Global Ltd recorded another year of strong performance under the most difficult of circumstances.
According to the company’s annual report for 2020, the flow-on effects of COVID-19 saw its 11th-year streak of revenue growth end.
Company managing director and chairman Warwick Pleass, stated that through hard work, sacrifice and diligent management, the company improved in the metrics which mattered the most.
“Many omnipresent risks and threats were overcome to improve the financial and operational metrics of the business, thanks to the board, management and employees,” he said.
“I believe it is those people that make the difference between an average company and a great one. “2020 was a turbulent year with so much disruption and disappointment.
“Considering the company results, I believe our stakeholders can be pleased with the company performance, relative to where we might have been had the company not reacted and acted the way it did, and the speed at which it did so.”
Mr Pleass said they anticipated the potential risk very early (late 2019 and January 2020) and had made contingency plans accordingly. However they did not expect the severity nor the longevity of it.
He said after the turmoil of the first six months the second half was more stable and consistent.
The company recorded an increase in profit before tax by 51.8 per cent, net profit after tax had increased by 64.19 per cent and its — 11 years of unbroken revenue — increased ended with a 20 per cent reduction in sales.
The company also recorded its net assets at 6.8 per cent higher, gearing improved from 0.42 times in 2019 to 0.35 times in 2020, earnings per share had increased by 60 per cent.
Its share market price of PGL stock had recorded an increased by 10 per cent, payment of consistent four cent per share dividend and market capitalisation increase by 11 per cent.
Mr Pleass said many of their core research and development (R&D) projects were continuing and added in customer engagement as a focus point .
“This is an exciting area of work and we are partnering with some leading international partners in innovative ways to enhance our relationships with our consumers.
“Many consumers still seek sustainable products and services, while other customers are seeking alternatives to plastic packaging.”
He said they had invested heavily in sustainable packaging research and development.
“We continue to assure our customers that PET plastic remains the optimum packaging for drinking water.”
He added the company was still working on innovations in this space.
It was still proceeding with the previously announced exciting investments in machinery and technology to bottle its now famous VaiWai Natural Artesian Water in a glass bottle.
“Plans continue for the above-mentioned glass package as well as carbonated VaiWai®.
“We had hoped to launch these products in 2020 but COVID-19 will delay the launch further.
“Staff development and training continue of course but modified to our new circumstances.
“The company focused these on multi-skilling staff for gains in production shift flexibility and efficiency.”
The company had commenced planning and designing machinery enhancements to make their two main bottling lines more flexible and efficient while improving product quality.
