Irish packaging company Ardagh Group has posted revenue of €7.6 billion in its full-year results, representing growth of 1% on a constant-currency basis.
The glass and metal manufacturer saw adjusted EBITDA rise from €1.15 million to €1.34 million, while adjusted earnings per share increased by 44%, from €1.13 to €1.63.
Ardagh said that its beverage can business, created with the $3.42 billion acquisition of Ball and Rexam in April 2016, led to an increase in turnover of €1.3 billion, compared to the previous year.
However, the group is cautious for the year ahead, forecasting full-year adjusted EBITDA of approximately $1.6 billion (€1.3 billion) for 2018.
"In 2017, we delivered pro-forma constant-currency adjusted EBITDA growth of 2%, helped by the successful beverage can integration and de-levered as a result of strong free cash generation," said Paul Coulson, chairman and chief executive of Ardagh Group.
"Profit improvement initiatives in Glass North America are under way, and we remain focused on driving growth in adjusted EBITDA and cash generation as we continue to de-lever," Coulson added.
In December, the packaging group announced that it had closed an $850 million credit facility with a consortium of international banks.
Ardagh said that this would be used to provide funding for working capital and general corporate purposes, as well as to further diversify the group’s funding sources and enhance its capital structure.
This move followed significant refinancing activity earlier in the year, to materially extend debt maturities and reduce financing costs.
Ardagh Group currently operates 109 facilities in 22 countries.
© 2018 European Supermarket Magazine – your source for the latest retail news. Article by Sarah Harford. Click subscribe to sign up to ESM: The European Supermarket Magazine.