"What makes these results even more satisfying is that this turnaround was achieved against the backdrop of very tough trading conditions and a very downbeat economy," said Baglione.
"The fundamentals of the market are still not great, there is a lot of volatility and we cannot yet say that the market has turned, but we are extremely pleased with what has been achieved by the company and its people over a relatively short period of time and we are looking forward to better times and much improved earnings," he said.
Baglione said much attention had gone into working capital management and this had led to a material reduction in the debt levels of the group.
"We have been focusing on preserving cash in these tough times and have been aggressive in our approach in extracting value from all the businesses."
Cash inflow from operating activities improved by 207% whilst the gearing levels of the group reduced from 72% to 53%.
"With our strategic and operational improvement plans now well under way and with what is already a much stronger-looking balance sheet, the group is positioning itself to take full advantage of any investment opportunities or an upswing in the economy," said Baglione.
Astrapak recently announced the disposal of certain businesses within the Flexibles Division and the acquisition of certain plant, equipment and related stock used by Nampak in its Flexpak business.
Baglione confirmed that both transactions were still on track and subject to conditions precedent normal in a transaction of this nature being concluded, including Competitions Commission approval.
"We are looking forward to concluding both these transactions shortly as both will impact positively on the future earnings of the Group and will result in an even more focused, streamlined operation," he added.
"There is still a lot of work to be done within the business and a lot of room for improvement, but we are confident that we are doing all the right things at the moment from an internal perspective, and these results are confirmation of this. We cannot control external market forces, but we will make sure that we are in a position to adapt to anything the market might throw at us," he concluded.
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