Ardagh Glass: strong 1H 2003

Ardagh Glass Ltd, which controls the international glass making interests of stock exchange quoted Ardagh plc, posted operating profits of EUR 20.6 million for 1H of 2003, up significantly from the EU…

Ardagh Glass Ltd, which controls the international glass making interests of stock exchange quoted Ardagh plc, posted operating profits of EUR 20.6 million for 1H of 2003, up significantly from the EUR 12.6 million posted for the 1H 2002. Profits after tax have grown even more strongly, from EUR 2.2 million to EUR 7.4 million. Diluted earnings per share were up 260%. The company has allocated EUR 5.95 million to buy back shares but there are no plans to pay dividends. Ardagh Glass is one of the largest glass manufacturers in Europe, with four UK Rockware plants, two Heye-Glas plants in Germany and the Abruzzo Vetro plant in Italy. The German and Italian subsidiaries made a EUR 5.5 million contribution. Ardagh Glass was formed following the demerger of the plc“s glass interests in February 2003. Many shareholders chose to keep a stake in the glass business and took up their rights to a stake in the Guernsey-based Ardagh Glass Ltd. Company chairman Paul Coulson has promised to make shares in the privately-held company marketable. He told shareholders in the last week of August 2003 that market conditions remain difficult throughout Europe “but your board is very pleased with the performance of all operating subsidiaries in driving through productivity and quality improvements”.