Strong volume growth in international segment.

 

Global office and gaming products supplier ACCO Brands has reported a comparable sales increase of just under one per cent for 2022.

 

While reported revenue was a drop of 3.8 per cent to US$1.95 billion, this represented a comparable improvement of 0.8 per cent. 

 

Both reported and comparable sales reflected the benefit of higher prices in all regions and strong volume growth in the international segment; this was partially offset by weaker sales of gaming accessories and lower volumes in North America and EMEA due to the challenging macroeconomic environment. Excluding gaming, comparable sales growth was five per cent.

 

Adjusted operating profit for the year was US$175.8 million, a year-on-year decline of about 23 per cent. ACCO said this was due to the impact of inflation that exceeded the benefit of price increases, and lower volumes. 

 

Trends in the final quarter of the year worsened. Revenue was US$499.4 million, a comparable decrease of 7.9 per cent, as lower inventory replenishment at retailers and a drop in volumes more than offset global price increases. Adjusted operating profit fell by around a third to US$52.3 million.

 

International results

 

Q4 comparable sales were US$119.7 million, an increase of 7.5 per cent, as price increases more than offset lower volumes. Brazil was singled out for its strong sales performance as in-person education returned.

 

Adjusted operating profit rose by 0.6 per cent to US$24.3 million.

 

Full-year comparable sales were $380.7 million, a year-on-year jump of 19%. This was attributed to increased volumes and prices, primarily in Latin America.

 

FY2022 adjusted operating profit improved by about 44 per cent to US$58.3 million. Adjusted operating margin rose by 310 basis points to 15.8 per cent.

 

For more on this story and other global financial news from OPI, go to https://www.opi.net/news/region/001-north-america/acco-edges-to-comparab....

 

No problem with paper Down Under

 

In a podcast with OPI, ACCO Brands CEO Boris Elisman said the closure of Opal's white paper plant in Victoria would not affect ACCO's product range as the majority of its paper products are sourced from Asia.