Verallia Reports Strong First Quarter Despite €19m Impact Of IFRS 15
French packaging company Verallia has reported a strong first quarter despite a €19 million impact on revenue due to new revenue recognition standard IFRS 15.
Verallia said that its reported revenues for the quarter were stable year on year, but increased by 6.5% at constant foreign exchange rates. It said revenue growth was mainly driven by robust volumes as well as price and mix improvement.
In Europe, reported revenue grew by 0.8%, and by 5% excluding IFRS 15 and at constant exchange rates.
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