As 2021 draws to a close, I would like to start off by thanking you for your continued business and support during yet another challenging year. Looking back, 2020 brought us constraints through pandemic lockdowns and business uncertainty, 2021 it seems generated its own set of hurdles for us to overcome.

While businesses have continued to endure the ever-shifting pandemic environment, we have seen many industries across the country reopen and adapt to new working environments. The resilience of Irish entrepreneurs continues to impress us and we commend all those who have used the current situation as an opportunity to start and succeed in their own ventures.

I must also thank the team here at Label Tech for the dedication and determination they have shown this year. Each person helps to keep the process running and they all deserve recognition for the hard work that they put in.

As I mentioned in my communication to you earlier in the year, the current global supply chain continues to face enormous challenges, particularly with substantial price increases in energy, transport and packaging costs. Unfortunately, the cost of commodities continues to rise, and despite significant efforts to absorb these additional costs, we have not been immune to them or to material delays, even from trusted suppliers. With prices continuing to increase globally, we now need to review our own offering which will be communicated to you in more detail in the New Year.

All of these elements have tested our ability to deliver on tight lead times and means that these delays have sometimes been passed on to customers. We are doing our utmost to fulfil orders and leverage our relationships with suppliers and logistics partners to minimize disruptions to you. We appreciate your continued patience and understanding and hope to have more settled supply lines in 2022.

With our focus on continuously reducing lead times and increasing our capabilities, our continued investment plan has not been disrupted and we are really excited to announce the installation of three new machines in 2022. These machines (in the areas of Flexo, Digital and Finishing & Inspection) will increase our efficiencies as well as our capacity and will help us to compete against some of the aforementioned lead time challenges.

The Christmas break will be welcomed by everyone, after a busy year, allowing us all to reset, take stock and plan the year ahead. We are looking forward to an exciting 2022 with lots of change, new capabilities and most importantly plenty of happy customers!

On behalf of Label Tech I would like to wish you a very Merry Christmas and a prosperous start to the new year ahead.