Irish glass packaging company Ardagh Plc reported a first-half turnover nearly twice that of the previous year and said its performance had been ahead of expectations.
Turnover climbed to Euros 151.4…
Irish glass packaging company Ardagh Plc reported a first-half turnover nearly twice that of the previous year and said its performance had been ahead of expectations. Turnover climbed to Euros 151.4 million as a result of 1999“s acquisition of Britain“s Rockware. But pre-tax profit fell sharply to Euros 3.78 million, from 7.96 million last year, as a result of higher interest payments. Net interest payable rose to Euros 11.4 million in the six months to June 30, from 5.1 million in the same period of 1999. However, group trading profit prior to goodwill and exceptionals jumped 60% to Euros 18.8 million. “Performance for the six months is ahead of both budget and last year,” the company said in a statement, but it noted that overcapacity problems in the European glass industry continued to pressurise margins.