Rexam releases half year results

Rexam has announced that its half year results are in line with its strategy and expectations.

Beverage can volumes have risen by 4% but underlying profit was slightly down from the same period last year due to foreign exchange translation and metal premium costs.

Graham Chipchase, Rexam’s chief executive, said:

“Results for the half year are in line with our expectations. Trading in the second quarter improved in all regions with volume growth in Europe improving as anticipated and North America performing in line with the market. South America grew very strongly as we saw a significant benefit from customer activity around the FIFA World Cup.

“The sale of the Healthcare business and the return of c£450m of proceeds to shareholders marked the end of our portfolio transformation. Rexam is now a focused global beverage can maker. Our aim is to be the best in the industry by maintaining a strong focus on cash, cost and return on capital employed and delivering the right balance of growth and returns.

“Despite ongoing foreign exchange translation headwinds and metal premium cost at an all-time high, the business is in good shape operationally and we continue to expect to make further progress in 2014 on a constant currency basis.”

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