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Rexam has announced its results for the first half of 2015 to show that the company's strategy is on track as the half year results are in line with expectations.
Continuing operations underlying performance1
| H1 2015 | H1 2014 | Reported change | Organic change2 | |
| Sales (£m) | 1,969 | 1,881 | 5% | 3% |
| Underlying operating profit (£m)1 | 179 | 197 | (9)% | (9)% |
| Underlying profit before tax (£m)1 | 156 | 166 | (6)% | |
| Underlying earnings per share (pence)1,3 | 16.8 | 16.2 | 4% | |
| Interim dividend per share (pence) | 5.8 | 5.8 | - |
Commenting, Graham Chipchase, Rexam's chief executive, said:
"Results for the half year were in line with our expectations. Trading in the first half was strong in Europe and the Rest of the World, but with some weakness in the Middle East. In the Americas, standard cans continued to decline whilst specialty cans continued to grow.
Our operating profit was impacted by higher metal premium as well as the expected commoditisation of certain specialty cans in North America. Looking ahead, 2015 remains in line with our expectations with softer volumes in North and South America offsetting the benefit of the current lower metal premium.
The business is in good shape operationally and the Ball offer does not change our strategic priorities. We continue to focus on the things we can control whilst striking the right balance between growth and returns."
Highlights
- Beverage can volumes including UAC up 3% (2% organic)
- Organic2 underlying operating profit down 9%, primarily due to higher metal premium
- Interim dividend unchanged at 5.8p
- Ball offer proceeding as planned, timetable unchanged
Statutory results4
| H1 2015 | H1 2014 | |
| Sales (£m) | 1,969 | 1,881 |
| Profit before tax (£m)5 | 82 | 164 |
| Total profit for the period (£m)5 | 56 | 214 |
| Total basic earnings per share (pence)5 | 7.8 | 27.7 |
- Underlying business performance from continuing operations (excluding Healthcare) before exceptional items, the amortisation of certain acquired intangible assets and fair value changes on certain operating and financing derivatives.
- Organic change is year on year change at constant foreign exchange rates, excluding acquisition.
- 2015 EPS benefits from a lower weighted average number of shares driven by the share consolidation following the disposal of Healthcare.
- Statutory results include exceptional items, the amortisation of certain acquired intangible assets and fair value changes on certain operating and financing derivatives.
- Continuing operations.
- Includes discontinued operations in 2014.