Pro-Pac Packaging (ASX:PPG) has announced its financial results for 2023, with its revenue down by 5.5% at $339.1 million due to a consolidation of sites, and a shift towards more profitable market segments.

However, the company improved its pre-tax profit by $1.8 million, reducing its loss to $10.6 million.

Pro-Pac's net debt was down by $9.7 million at $13.9 million.

Additionally, the company raised net proceeds of $28.3 million through a rights issue.

The company focuses on innovation and recycling, supported by a government grant of $5.6 million.