19 March 1998: Ardagh Plc posted its interim results for six months ended 20 December 1997. Pre-tax profit was up 11.6% to I 3.043 million, while earnings per share also increased 11.4% to I 8.89 p. I…
19 March 1998: Ardagh Plc posted its interim results for six months ended 20 December 1997. Pre-tax profit was up 11.6% to I 3.043 million, while earnings per share also increased 11.4% to I 8.89 p. Interim Dividend was up 12.6% to I 1.300 p compared to I 1.155 p in 1996. Turnover at I 21,550,000 increased by 6% on last year while Group trading profit at I 3,053,000 rose by 5.5%. Profit after interest received of I 603,000 and a taxation charge of I 613,000 was I 3,043,000 which represents an increase of 11.6% on last year. The Board announced an interim dividend of 1.300 p per share to be paid on 10 April 1998, to those shareholders on the Register at the close of business on 20 March 1998. This represents an increase of 12.6% on the interim paid last year. The tax credit attaching to the dividend is 0.116448 p per share. “This was a very satisfactory performance and reflects some improvement in market demand and an increase in market share. However, as anticipated, the surplus capacity throughout Europe is beginning to impact on prices,” said Chairman Peter Murray. “This will be my last statement to you as Chairman of the Board. I would like to express my appreciation to shareholders for the support which you have given me and the Board in the development of the Company over recent years,” Murray added. The Northern Ireland-based glass bottle maker, recently proposed four new non-executive board members for approval at a shareholders“ meeting on March 25. “Some of the shareholders felt it was an appropriate time to inject some new blood into the board,” a source close to the company reportedly said. The new appointments reflected an 8.65% stake held by Yeoman Group Plc and a 29.09% stake controlled by Mercury Asset Management Group Plc through an entity called Flavius, he added. The nominees included Yeoman director Paul Coulson, set to replace Peter Murray as chairman of the board, while Yeoman“s Brendan Dowling was being put forward as a non-executive director. Ray French of Flavius, which is 91% owned by Mercury clients, would be a non-executive director, Ardagh said. The fourth appointee was Bernard Somers, a non-executive director of a number of Irish companies. Eddie Kilty would remain as group managing director and Frank Davies, Margaret Downes and Ian Morrison would stay on the board. Board director Ian Morrison would retire in July and Kathleen O“Donovan would resign as director following the sale of BTR Plc“s packaging division.