Ardagh Group S.A. has announced its financial results for the first quarter ended March 31, 2018.
The metal and glass packaging company reported a revenue growth of 13%, from $1960 (€1,607) million to $2224 (€1823) million. Adjusted EBITDA also grew 9%, from $318 (€261) million to $348 (€285) million.
Paul Coulson, Chairman and Chief Executive, said, “Our first quarter results again highlight the benefit of Ardagh’s scale and diversity across our two substrates and multiple geographies.
“The Group delivered Adjusted EBITDA growth of 9% to $348 (€285) million on a reported basis and 1% at constant currency. A strong performance in both Metal Packaging divisions and in Glass Packaging Europe more than offset a decline in Glass Packaging North America, where we remain focused on the implementation of our profit improvement initiatives.”
The group’s metal packaging in Europe saw revenue increase by 21%, to $885 (€725) million when compared to the same period last year. Ardagh’s report attributed the growth to ‘favourable currency translation effects of $106 (€86)million and 6% organic growth, principally from favourable volume/mix effects and the pass-through of higher input costs’.
Metal packaging in America saw an increase in revenue of 23% to $529 (€434) million in the first quarter. The increase was due mainly to favourable volume/mix effects and the pass-through of higher input costs.
In its European markets, Ardagh Group saw a 17% increase in revenue over the same period last year, to $397 (€325) million. The group said it benefited from the higher volume/mix effects and favourable currency translation effects of $48 (€39) million.
In North America revenue saw a decrease of 10%, to $413 (€338) million. The group attributed this fall to ‘lower volumes and higher freight and other operating costs compared with the same period last year’.
The group said that its outlook for the full year of 2018 remains unchanged, and estimates a second quarter Adjusted EBITDA of approximately $415 (€340) million, in the same region as last year.
© 2018 Checkout – your source for the latest Irish retail news. Article by Aidan O’Sullivan. Click subscribe to sign up for the Checkout print edition.