Irish glass packaging group Ardagh reported a 37% rise in 12-month pre-tax, post-exceptional profit, but said it expected continued pressure on sales margins in the medium term.
Ardagh, which bought …
Irish glass packaging group Ardagh reported a 37% rise in 12-month pre-tax, post-exceptional profit, but said it expected continued pressure on sales margins in the medium term. Ardagh, which bought Britain“s Rockware for UK 240 million in March, also said it had named Eddie Kilty, currently group managing director, as group chief executive with executive responsibility for Rockware. Ardagh said that an overcapacity problem facing the European glass container industry was unlikely to fully correct itself in the short term, but that some capacity had been closed in Britain and further closures in Europe looked likely. “Whilst this should ease pressure on selling prices to some extent, pressure on margins is likely to continue for the medium term,” the company said in a statement. Ardagh said its turnover of Euros 107 million, more than twice the year before, reflected the inclusion of Rockware in the last quarter. The company added that Eric Young, Rockware chief executive since 1997, would leave the board at the end of December.