Performance ‘in line’ with expectations - Rexam
The firm said results matched with expectation and the financial position was ‘largely unchanged’ from 31 December last year.
Geographic outlook
Volumes in the European business were driven by good growth in Western Europe and specialty cans were partly offset by Russia due to a strong performance in the first quarter of last year.
In North America there was continued good performance in specialty cans and the recovery of some of the standard can volumes lost in 2011, while the business in South America showed slight year on year volume growth, they added.
In a conference call with investors Rexam CEO Graham Chipchase said the firm was in ‘pretty good shape at the moment’.
When asked if the company was anticipating any impact from the Olympics, Chipchase said: “We are not anticipating a mass impact, it is more likely that Euro 2012, the football championships, will do something for beer.”
Year so far
In an earlier statement, Chipchase, Rexam’s Chief Executive, said: “Trading so far this year has been as anticipated and overall performance is in line with our expectations.
“It is still early in the year and the busy summer season traditionally influences our full year results.
“The global economic outlook remains uncertain but, at this stage, we continue to expect 2012 to be another year of progress as we maintain our focus on cash, costs, and return on capital employed.”
The firm said its plans for a £68m two line plant planned in Finland for the beginning of 2013 is on track, as well as investment to boost capacity in its Ludesch plant in Austria by 700m cans, which is expected to be fully operational in 2013.
In Asia, the company will make a £30m investment in its Mumbai plant to double annual capacity to 950m cans by the end of this year.
