Ardagh Sees Sales Rise 28% In Q2
Published on Aug 27 2014 7:04 AM in Packaging And Design
Packaging giant Ardagh saw its group revenue rise 28% year-on-year in the second quarter of the year, according to Q2 results published yesterday.
The packaging group's Q2 revenue stood at €1.28 billion for the quarter. Earlier this year, Ardagh completed the purchase of Verallia North America, a US packaging firm; when the effects of this business are stripped out, revenue was 1% ahead during the period.
Ardagh, which is based in Luxembourg, is planning an IPO in the second half of 2015, and is currently engaged in debt restructuring ahead of that date.
Of its European Glass business, Ardagh said that “Constant currency revenue increased by 3%. Volume/mix in our glass packaging business (excluding engineering) contributed 3% growth in the quarter, reflecting a strong performance in the beer sector and a contribution from our glass investment project, which commenced sales in early 2014."
The group’s operating cash inflow of €99 million in the second quarter of 2014 was €62 million higher than the prior year.