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Rexam's first quarter trading in line with expectations

Tue, 28th Apr 2015 08:02

Beverage can producer Rexam said it was trading in line with expectations, even though a strong performance in Europe was offset by weakness in other markets.The FTSE 250 group said overall beverage can volumes increased 5% year-on-year in the three months to the end of March, boosted by a strong performance in Europe, which was driven by an increase in the volumes of energy drink cans.Rexam, which is being bought by US sector peer Ball Corp for £4.3bn, reported steady growth in the UK, Russia, Italy, India, Germany and Egypt but said it was hit challenging market conditions in the Middle East.A weaker market in the US, weighed on standard can volumes, while energy drinks drove specialty volumes higher.The South American market saw volumes decline towards the end of the period as weaker standard volumes weighed on overall volumes."Overall performance so far this year has been in line with our plans," said group chief executive Graham Chipchase."We continue to expect 2015 to present a tough trading environment, but, as ever, we will focus on tight cost management and the elements of our business that we know we can control."The London-listed company said aluminium premiums have fallen drastically and, at current rates, will translate in costs declining £10m to £15m in the current financial year, compared with the £30m the club had expected.Rexam shares were down 0.74% to 580.15p at 08:37 on Tuesday.
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UPDATE 1-Ball wins conditional U.S. approval to buy Rexam

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29 Apr 2016 16:18

UPDATE 1-Ardagh draws US$20bn crowd for junk bond sale

(Updates throughout) By Davide Scigliuzzo NEW YORK, April 29 (IFR) - Investors on both sides of the Atlantic clamored for Ardagh's US$4.5bn bond sale this week, hoping that the packaging company's latest acquisition will finally pave the way for an IPO. Ardagh received around US

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26 Apr 2016 15:43

Tuesday newspaper share tips: Vodafone, Rexam

(ShareCast News) - Vodafone´s upcoming full-year figures should dispel investors´ doubts about the sustainability of its dividend policy and the high rating accorded to its shares, The Daily Telegraph´s Questor team said. Some observers fret that the shares current price-to-earnings multiple of 40 t

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Ball and Rexam to sell assets to Ireland's Ardagh Group

(ShareCast News) - Ball Corp. and Rexam agreed to divest assets to Ireland's Ardagh Group worth $3.42bn in a bid to clinch regulatory approval for their merger. The two companies, which unveiled their intention to merge and create the world's largest manufacturer of food and beverage cans on 19 Febr

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25 Apr 2016 05:32

Ball Agrees To Sell Assets To Secure Approval For Rexam Deal

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