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Rexam Q1 Results Meet Expectations

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Summary:The global consumer packaging company's?financial position remains unchanged from that at 31 December 2013.In Western Eu

The global consumer packaging company's?financial position remains unchanged from that at 31 December 2013.

In Western Europe Rexam's volumes in standard and specialty cans had a quiet start to the year, according to the statement.? In Russia, the business saw some volume growth at this early part of the year while, within the Africa, Middle East and Asia region, continued strong growth in India has been offset by soft trading in Turkey and Egypt.

The company's specialty cans grew in North America during the period while performance in standard cans was in line with the market.? In South America, volumes grew strongly in both standard and specialty cans due to good weather, the timing of Carnival, and in anticipation of the FIFA World Cup in June / July.

The company says the sale of the Healthcare business is proceeding according to plan.

Graham Chipchase, Rexam's chief executive said: "Overall performance in the quarter was in line with our plans.? The strong performance of our South American business helped offset a subdued start to the year in Western Europe.? It is still early in the year, however, and it is the busy summer season that traditionally influences our full year results.?? In 2014, we are facing foreign exchange translation headwinds and metal premiums are at an all time high, but we continue to expect to make further progress on a constant currency basis.

The business is performing well operationally, and we remain committed to managing what we can control and focusing on cash, cost and return on capital employed as we pursue our strategy of balancing growth and returns."

 
Keywords: Packaging cans Packaging
 
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