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Close the Loop Ltd (ASX:CLG)

ALERT: Price-sensitive ASX Announcement for CLG
Current share price for CLG : $0.032 -0.01 (-23.81%)+
Announcement
Release
25 Aug 2025 9:23AM
Price at Release
$0.042
Full Release
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Summary
The FY23 annual report for Close the Loop Ltd (CLG) highlights a year of substantial growth, with record revenue and improved profitability driven by strategic acquisitions and organic expansion. Gross profit margins increased, and the company reported a positive net profit for the year. CLG expanded its operations internationally, enhanced its recycled products capabilities, and maintained a strong focus on sustainability and innovation, notably through its TonerPlas technology. While acknowledging operational and market risks, CLG remains committed to pursuing additional growth opportunities and reinforcing its position in the global circular economy sector. No dividends were declared, as the company prioritises reinvestment in its future development.
Key Points
  • Close the Loop Ltd (CLG) reported record group revenue of $129.9 million for FY23, a 45% increase from the previous year.
  • The company achieved positive EBITDA of $20.7 million, a significant improvement over the prior year.
  • Gross profit margins improved to 42%, up from 36% in FY22.
  • The company’s growth is attributed to acquisitions and organic expansion across its Resource Recovery and Recycled Products business units.
  • CLG executed several strategic acquisitions, including ISP Tek Services, Alliance Paper, Oceanic Agencies, and ELT Recycling, strengthening its global circular economy capabilities.
  • The business operates in over 20 countries and has expanded its global footprint with new facilities in the US, Australia, and Europe.
  • CLG continued to invest in R&D and innovation, including commercialising its TonerPlas technology and expanding recycled plastic asphalt production.
  • Sustainability remains central to CLG’s mission, with a focus on delivering end-to-end circular economy solutions for large brands and government partners.
  • Net profit after tax for the year was $8.1 million.
  • The company faces risks such as changes in regulation, supply chain disruptions, and uncertainties in market demand, but remains optimistic about future growth.
  • The Board did not declare a dividend for FY23, preferring to reinvest earnings into growth initiatives.
  • Future outlook includes further expansion in core markets, development of new products, and potential new acquisitions.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.