Pact Group (ASX:PGH), an Australian specialty packaging firm, is leading the All Ordinaries Index, marking a significant intraday gain of 13.2% to A$0.860.

This surge represents the company’s largest progress since April 2020 and underscores the possibility of a second day of consecutive gains.

Pact Group reported a FY23 revenue growth of 6% to A$1.95 billion, owing to costs recovery and volume growth, which offset the challenges from adverse weather and decreased demand.

However, the company’s FY23 underlying NPAT decreased by 36% to A$45 million, and the reported NPAT stood at a loss of A$7 million, compared to last year’s profit of A$12 million.

Management indicated that operating earnings had fallen by 7% to A$145 million due to mounting costs and a challenging business environment.

Despite this, Pact Group has noted stabilising input costs and claimed to be focused on cost reduction.

Notably, as of the last closing, the company’s stock was down 25.1% against a 4.1% increase in the All Ordinaries Index for this year.

Pact Group is an Australian-based firm specializing in specialty packaging solutions.