Ardagh Group Sees Revenues Up 4% In First Quarter
Packaging firm Ardagh Group has posted a 4% increase in revenue, at constant currency levels, in the first quarter of its financial year.
The group posted revenue of $2.2 billion for the period.
EBITDA stood at $363 million, an increase of 9% at constant currency rates, and 4% at actual exchange rates.
The group said that its metal packaging business was boosted by beverage can volume growth of 6%.
In addition, its Glass Packaging Europe arm delivered ‘further growth, with a moderating decline in Glass Packaging North America’, the group noted.
The quarter saw capital expenditure of $194 million.
Ardagh Group said that its full-year 2019 outlook remains ‘unchanged’, with second quarter 2019 adjusted EBITDA set to weigh in at around the $390-$400 million mark.
“Our first quarter performance was good, with growth in volumes, earnings and cash generation,” said Paul Coulson, the group’s chairman and chief executive.
“Demand for our sustainable packaging solutions is generally strong and we grew volume in both our Americas and European metal packaging divisions notably in beverage cans, as well as in glass packaging in Europe.”
© 2019 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