Packaging Firm Ardagh Posts 51% In Revenue In First Quarter
Packaging company Ardagh has posted a 51% increase in revenue to €1.84 billion in the first quarter of the year. Pro forma growth stood at 2%.
During the period, Ardagh posted an adjusted EBITDA increased or 38% to €299 million (pro forma growth +2%), while adjusted earnings per share were up 53% on the previous year, to €0.29.
The period saw an initial public offering for the group on the New York Stock Exchange, which was completed in March 2017.
“The Group has made a positive start to the year, with continued growth in revenue and Adjusted EBITDA, complemented by further progress integrating the Beverage Can acquisition," said Paul Coulson, Ardagh chairman.
"The successful completion of the Group’s IPO, combined with timely refinancing activity, has further enhanced our capital structure and we ended the quarter with net debt of approximately five times our unchanged full year Adjusted EBITDA expectations. We remain focused on continued progress over the course of 2017.”
Its Glass Packaging Europe business saw a 1% decline in the period to €319 million, compared with the same period last year, with volume growth offset by 'adverse currency translation effects'.
It's Metal Packaging Europe division posted a revenue increase of 79%, driven primarily by a significant beverage can acquisition last year. Organic growth in this division was +3%.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: The European Supermarket Magazine.