TOMRA reports 25% revenue growth in second quarter
TOMRA Group's revenue increased by 25% to 405 million euros in the second quarter, supported by significant roll-out of reverse vending machines (RVMs) in Poland. The company saw strong performance in its Collection segment.
TOMRA Group announced a 25% increase in revenue for the second quarter, reaching 405 million euros from 325 million euros in the same period last year. This growth was primarily driven by the installation of reverse vending machines (RVMs) in markets including Poland, Portugal, Singapore, and Romania.
The Collection segment experienced a substantial 45% revenue rise. This surge is attributed to new RVM installations and a 15% growth in existing markets, reflecting the company's expanding reach in recycling solutions.
Conversely, the Recycling segment saw an 11% decline in revenue, a consequence of reduced order intake in the previous year, indicating cyclical trends within the industry. The Food segment reported a more modest 5% revenue growth, following a strong performance in the prior year.
Gross margin decreased to 41.3% from 44.3% in the prior year's second quarter. This was influenced by a higher proportion of RVM sales within the Collection segment and shifts in product mix. TOMRA continues to focus on strategic investments in its growth markets.