Rexam’s profits driven by beverage cans
Rexam’s first half profits rose slightly after strong sales of beverage cans.
The company’s underlying profit before tax was £207 million for January to June, a rise of 1% on £204m in the first six months of 2011.
Sales from continuing operations were 2.17 billion, rising 3% on the same period in 2011.
Global beverage can volumes rose 6%.
Commenting on the results, chief executive Graham Chipchase (pictured), said: “We are encouraged by the progress of the continuing business in the first half and, in spite of a challenging trading environment, our overall performance was in line with our expectations. Beverage cans traded well with the global growth of speciality cans and the performance of the North American business overcoming cost headwinds.
“In an increasingly uncertain macroeconomic environment, we will continue to focus on generating cash, managing costs and return on capital employed for the rest of 2012. Our progress to date gives us confidence of achieving our 15% return on capital employed target by the end of 2013.”
HY 2012
H1 2012 H1 2011 Change
Sales (£m) 2,165 2,095 +3%
Underlying operating profit (£m) 253 248 +2%
Underlying profit before tax (£m) 207 204 +1%
