Rexam profits soar

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Manufacturing News, Source : TheManufacturer.com
Published : 25 Feb 2005 10:40
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Consumer packaging group and beverage can maker, Rexam has pushed up underlying pre tax profits by more than 25 per cent and exceeded £3 million in sales.

Announcing its financial results for 2004, company chairman Rolf Börjesson said 2004 had been “an interesting and eventful period”. Summarising Rexam’s underlying results, he said sales from ongoing operations rose four per cent to £3.1bn and underlying profit before tax rose 26 per cent to £300m. “These results are testament to the strength of our business and the drive for performance by everyone in Rexam. They have been achieved despite there being no resolution to the deposit system on one-way packaging in Germany and despite the continued weakness of the US dollar, which impacted our results particularly from the Americas on translation into sterling,” Börjesson said .

Nearly 15 per cent of sales were now in emerging markets, including Brazil, Russia and China. During 2004, Rexam took full ownership and control of its beverage can plants in Mexico and China. “These investments, together with our recent agreement to provide technical support to a beverage can plant start-up in India, were all made with our long term future in mind. We anticipate that they will contribute strongly to the future success of Rexam,” said Börjesson.