Rexam Q3 statement

Rexam has issued its interim management statement for the period from 1 July 2014.

Highlights from the statement include:

• Results for the group are in line with plans and its financial position is unchanged from that at 30 June 2014
• Overall global beverage can volumes were up 4% for the period
• Volumes in Europe grew in line with the first half with an improvement in Russian volumes. There were strong performances in India and Egypt following recent investments there and the market recovered well in Turkey
• In North America, standard volumes were down in line with the market while specialty volumes continued to grow driven by energy drinks
• South America performed strongly although, as expected, volumes slowed towards the end of Q3 following the FIFA World Cup
• Looking to 2015, growth in global can volumes is expected to grow despite a challenging environment.

Graham Chipchase, Rexam’s chief executive, says: “Overall performance has been in line with our plans. Whilst European market growth slowed somewhat in Q3, we saw a strong Nordic summer and an improvement in Russia. Looking at the rest of the world, volumes grew strongly in all three regions and we started to supply 25cl cans in India. Volumes in North America were in line with the market. South America continued to perform strongly immediately following the FIFA World Cup with solid growth in speciality cans, although we have seen some slowing more recently.

“As ever, we will focus on tight cost management and the elements of our business that we know we can control. 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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