Rexam swings to H1 profit of £102m on improved volumes, prices

28 July 2010 09:05  [Source: ICIS news]

LONDON (ICIS)--Rexam reported a net profit of £102m ($159m, €123m) in the first six months of the year, compared with a loss of £15m during the corresponding period last year, as a result of cost controls, improved volume and higher prices, the consumer packaging company said on Wednesday.

Sales in the January-June period fell slightly to £2.49bn, down from £2.52bn in the same period last year, while operating profit surged more than fivefold to £223m.

We are pleased with our performance in the first half. There has been some volume recovery as well as pricing improvement. Our relentless cost control has driven strong profit growth,” said Rexam CEO Graham Chipchase.

He added that the trading environment in most of its businesses was stabilising and that the outlook for beverage cans had improved since the start of the year.  

The company said it expected the results in the second half of the year to be in line with the first six months.

($1 = £0.64/€1 = £0.83)

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By: Hilde Ovrebekk
+44 20 8652 3214

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