Adhesives manufacturer HB Fuller has reported a 17.5% increase in its full-year net revenue to $3.3bn for the fiscal year 2021 (FY21) compared with the previous year. The company’s revenue increased by 13.1% compared with compared with pre-COVID results in fiscal 2019.

HB Fuller posted a 15.2% year-on-year growth in its full-year organic revenue, while its gross profit margin grew by 25.8%.

During FY21, net income attributable to the company was $175m, or $3.23 to each diluted share.

Adjusted net income attributable to the company for the full year was $189m, or $3.47 to a diluted share, while its adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) were up by 15% to $467m.

During the fourth quarter (Q4), HB Fuller’s net revenue increased by 15.4% to $897m compared with the corresponding period of 2020.

The company’s organic revenue for the quarter rose by 14.9% against the previous year and more than 20% compared with Q4 2019.

Commenting on the result, Jim Owens, President and CEO, HB Fuller said: “Our business momentum continued in the fourth quarter with 15% organic revenue growth and improved margin performance. We successfully executed on our 2021 priorities of volume growth, pricing to value and greater productivity. We drove double-digit organic revenue growth relative to both 2019 and 2020, and we further improved our net debt to EBITDA ratio.

"H.B. Fuller’s full year results exceeded the goals we set at the beginning of the year despite extraordinary business challenges, demonstrating the resiliency of our global team. Throughout the year, we took decisive actions to deliver strong results against complex supply chain constraints and unprecedented inflationary pressures. We implemented $450M of annualized price adjustments, gained share through innovation, drove operating efficiencies, and maintained unwavering focus on supporting our customers’ success.

"In 2022, we are focused on enhancing our portfolio of specialized adhesives, capitalizing on the tremendous growth opportunities for advanced and sustainable solutions, and continuing to demonstrate strong cash generation and earnings power to deliver double digit organic revenue and adjusted EBITDA growth and 20% adjusted EPS growth for shareholders.”

For the fiscal year 2022, HB Fuller expects its organic sales to grow by between 10% and 15% from last year’s level. The company has also announced plans to make a capital investment of between $100m and $110m.