The Ardagh group is remaining focused on “operational excellence”, and has reported increased revenues for the third quarter of 2014 when compared to a year earlier.
Global packaging group Ardagh has reported a 16% increase in revenues, to EUR 1.3 billion, for the third quarter of 2014 when compared to a year earlier.
However when the acquisition of Verallia North America (VNA) and other matters are taken into account, revenue in the third quarter was in line with the prior year and 1% lower on a constant currency basis.
Pro forma revenue of EUR 753 million in the glass division was 1% down on the same quarter last year at constant currency.
Revenue at the metal division, at EUR 558 million, was on a par with the prior year on a pro-forma basis.
Group EBITDA in the third quarter of 2014 increased by 22%, to EUR 240 million compared with the prior year, at both actual and constant currency.
In its interim statement the group said it has continued to make good progress in 2014, with pro forma EBITDA of EUR 767 million in the 12 months ended 30 September 2014.
“The focus remains on the pursuit of operational excellence, the continued integration of VNA, the achievement of targeted cost savings and the start-up of the North American Metal investment project,” it said.
The completion in July of certain refinancing activity will result in “significantly reduced future cash and payment in kind interest costs”.
Earlier this year the group announced the acquisition of VNA and the divestment of six former Anchor Glass plants. This left Ardagh’s North America glass division with annual revenues of approximately USD 2 billion from 16 glass manufacturing facilities, employing 5,000 people.
The Ardagh group is based in Luxembourg and is a global leader in glass and metal packaging solutions, producing packaging for most of the world’s leading food, beverage and consumer care brands. It operates from over 100 locations in 24 countries, employing 20,000 people.