A Look Back at 2023
As another year has ended, we are reflecting on what we have achieved together, celebrating the wins, and evaluating where we can improve. And what a year it was! From installing new production lines, increasing production capacity, welcoming new team members and partners, opening new markets, and installing new solar power plants. We were busy bees. But let’s go one story at a time and take a look back at 2023.
Installing new production lines and increasing capacity
Nothing gets us more excited than seeing our factory buzzing with activity and our machines working to full capacity. Then you can imagine how excited we were when we installed three new lines and increased our production capacity by 100% with them. By doubling our production capacity, we can meet the ever-growing demand for packaging while offering a wider variety of solutions.
This expansion allows us to be quick and agile when customer needs are in question. With it, we can shorten the lead time from when the customer order was placed to when we deliver the final products. And as they say, time is money.
Expanding our production lines has also allowed us to achieve more product differentiation. From producing a wider variety of packaging with many different and complex add-ons, such as tamper-evident seals, to various raw materials in use. We offer a wide range of recycled plastic and paper packaging, leading the sustainability trend. As we look back at 2023, we can say that this was one brilliant investment.
Expanding to 3 new markets and attracting new clients
Compared to 2022, in 2023, we have achieved 11% of revenue growth. We accomplished this double-digit growth by nurturing existing customers, growing our share in the sustainable packaging products segment, and expanding to new markets.
We aimed high last year, expanding onto three new markets but focusing on one of the biggest ones– the USA. Our hard work has paid off, as we can proudly say that we have expanded to this hot market and acquired new customers. We are happy that customers recognized the quality of our products. And that we have shown that we can leverage them in this highly competitive market. With those last few new customers, our export levels have reached 92%, and we look back at 2023, we can safely say we met our goal.
Welcoming new team members
Even though we expanded our production capacity with new state-of-the-art machinery, those machines need help to work. Inquiries from potential customers and orders from current customers still need diligent people to answer them. So we happily welcomed 14 new team members who will help us on all the fronts, from factory to sales and back office. Their daily contributions are needed to make high-quality products and keep our customer experience spot-on. And as they grow, so will the Modepack.
Supplementing our energy needs with solar power
This year, we went big with solar, finishing the installation of two remarkable projects. The first one included the planting of the first solar flower in Croatia. With its unique combination of design, functionality, and green innovation, solar flower harvests the sun’s energy, stores it in batteries, and, when needed, charges our electric cars. It is a story that generated considerable interest, and multiple partners, such as the Dutch embassy and the city of Velika Gorica, supported it.
The second project is significant – covering our entire roof with around 1000 solar panels and installing a 411 kW power plant. That energy will cover most of our factory needs, especially during the summer. With it, we are taking one more step toward sustainability. With that energy production, we will massively lower our carbon footprint and significantly contribute to our Circular Mode concept. We started with activities in early 2023, as the project received co-financing from the European Regional Development Fund under the Operational Program Competitiveness and Cohesion. The total investment is 300.000 €, and we launched the solar power plant in December 2023.
What is in store for 2024
As we finish a look back at 2023, it is time to look forward. And we have big plans for 2024. With the utilization of our new production capacities, penetration to new markets, and new sales tools, our financial plan for 2024 is to achieve revenue growth of 30% compared to the previous year.
The primary sales tool that we will launch is our new Modis platform. It includes a website where current customers can log in, reorder products, and track shipments. Also it consists of a webshop aimed at small to medium businesses. We want to streamline the process of ordering standard packaging and creating unique branded designs with just a few clicks. It seems simple, but it requires great attention to detail. We want everything to work like a Swiss clock and give customers a seamless user experience.
Besides that, we are focusing our efforts on innovation, designing packaging made from just one material but with properties of much more complex products. For example, currently, we make protective bubble mailers out of two materials, paper, and plastic, which is unsuitable for recycling. But what would happen if we replaced the plastic bubble wrap and produced that protective layer out of paper? We would get a product made out of a single material that, at the end of its life cycle, is suited for recycling. Developing sustainable products such as this is our goal for 2024. Join us on our journey, and let’s close the loop together.
