Rexam releases 2013 results
Rexam has announced its results for the full year 2013, with year on year sales increasing by 1%.
Its underlying earnings per share were up 13%, with profits before tax showing a 4% increase.
The company also hit its target of a 15% return on capital employed (15.5% – up by a point from 2012).
Graham Chipchase, Rexam’s chief executive, commented:
“We are pleased to have achieved our 15% ROCE target. We also grew 2013 profits by 4% and have proposed a 14% increase in the dividend to 17.4p. It has been a great team effort.
“The acquisition of a majority stake in UAC expands our footprint in the Middle East, while our investment in Magnaparva Packaging demonstrates our intent to pursue transformational innovation opportunities.
“Rexam is now a focused beverage can maker, and our aim is to be the best in the industry. The work that we have done to restructure our company means that we are in good shape operationally. In 2014, despite an uncertain macroeconomic environment and some continued cost volatility, we expect to make further progress on a constant currency basis. We remain committed to managing what we can control and focusing on cash, cost and return on capital employed as we pursue our strategy of balancing growth and returns.”