TORONTO, March 7, 2024 /CNW/ – Richards Packaging Income Fund (TSX: RPI.UN) (the “Fund”) announced today results for the fourth quarter and the year ended December 31, 2023 and a special dividend.
“The most significant improvement in 2023 results was a $33 million reduction in working capital which was used to pay down debt which is now at a leverage ratio of 0.2x. Proactive actions were taken to align working capital with more challenging volume. Our strategy to address inventory aging yielded $14 million of this reduction with days on hand dropping from 128 to 98 and believe that further improvements can be made in 2024.
The 2023 year results reflect revenue contraction of 5% driven by …