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Annual Results

Rexam's FY profit slips

18 February 2016 07:24

Rexam has booked a FY pretax profit of GBP250m, from a year-ago profit of GBP343m. Sales totalled GBP3.9bn, from GBP3.8bn. Total dividend was 17.7p, unchanged from a year earlier.

It said the recommended offer by Ball Corporation was progressing, and that completion was expected towards the end of H1 2016.

CEO Graham Chipchase was pleased the with performance and progress as reported beverage can volumes grew 4% in difficult trading conditions.

"Underlying profit before tax is up 1% despite commoditisation of certain specialty cans in North America and higher energy costs in Brazil," he said in a statement.

"We remained focused on our strategic priorities whilst supporting the anti-trust process for the Ball offer.

"We expect 2016 to present a tough trading environment but with continued volume growth.

"The expected premium benefit will be offset by pricing pressures in Europe and the savings from restructuring will be partially offset by cost headwinds.

"However, as ever, we continue to focus on tight cost management and the elements that we know we can control."

HIGHLIGHTS

· Beverage can volumes including UAC up 4% (2% organic)

· Underlying operating profit flat at constant currency, including UAC

· Underlying earnings per share up 5%

· Return on capital employed at 14.5%

Story provided by StockMarketWire.com

Related Company: REX

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