Higher shipments of both metal and glass packaging helped boost revenues at Ardagh Group by 11% at constant exchange rates in the second quarter of its financial year.
Revenue at the group stood at $1.87 billion (€1.58 billion) in the quarter to 30 June, up from $1.6 billion (€1.35 billion) in the same period last year. On a reported basis, this was a 17% increase.
Adjusted EBITDA increased by 14% on a constant currency basis, to $325 million, with the group citing strong growth in its Ardagh Metal Packaging (AMP) and Glass Packaging Europe divisions.
'Strong EBITDA Growth'
“The group performed very well in the quarter, with strong adjusted EBITDA growth led by advances of 18% in Ardagh Metal Packaging and 36% in Glass Packaging Europe," commented Paul Coulson, Ardagh chairman and chief executive.
AMP shipments increased by 3% in the quarter, despite a cyberattack incident that affected the group. Specialty can volumes were up 16%, with double digit growth reported in all regions, and represented 46% of total shipments.
AMP Listing On NYSE
The group said that a separate listing for its AMP business on the New York Stock Exchange, in combination with Gores Holdings V Inc, is 'progressing to completion'.
In addition, growth investment projects being implemented by the group 'continued to progress' during the quarter and are 'fully on track', it added.
The group expects to report adjusted EBITDA of $1.28 - $1.30 billion in 2021 with end of year reported net leverage of around 5x LTM adjusted EBITDA.
Adjusted EBITDA in the third quarter is expected to come in at between $335 million and $345 million.
"Our growth investments across our business are on track and we expect to deliver further progress in the second half of the year," Coulson added.