Quadpack Industries (Euronext Growth: ALQP), manufacturer and provider of packaging solutions to the global beauty industry, has announced a one-month delay in the presentation of its audited 2019 results. The delay is due to the impact of the COVID-19 pandemic on the audit process. The results of the fiscal year ending 31 January will now be presented before 30 June 2020.
For the 2019 exercise, Quadpack changed from Spanish GAAP to IFRS accounting standards, in a preparatory move towards an initial public offering planned for the future.
The company expects to report significant growth maintaining a steady, upward curve. The exercise includes the half-year results of both Louvrette GmbH and the cosmetics business of Inotech, two German manufacturing companies that were acquired in the middle of 2019. The operations formed part of Quadpack's long-term business plan of increasing production capabilities by manufacturing in the region, for the region – a strategy which delivered the strongest inorganic growth in the company's history and placed it among the Top 10 packaging providers in Europe. This strong position coincided with a transfer to the Euronext Growth stock market in Paris in October of the same year.