Global consumer packaging company Rexam PLC announced its results for the year 2003 on 4 March 2004.
Operating profit: 2003 GBP 217 million / 2002 GBP 252 million
Profit/(loss) before tax: 2003 GB…
Global consumer packaging company Rexam PLC announced its results for the year 2003 on 4 March 2004. Operating profit: 2003 GBP 217 million / 2002 GBP 252 million Profit/(loss) before tax: 2003 GBP 5 million / 2002 GBP (87) million Loss per share: 2003 GBP 0.095 / 2002 GBP 0.345 Underlying sales: 2003 GBP 3,186 million / 2002 GBP 3,160 million +1% Underlying operating profit*: 2003 GBP 346 / 2002 GBP 320 million +8% Underlying profit before tax**: 2003 GBP 273 million / 2002 GBP 237 million +15% Underlying earnings per share**: 2003 GBP 0.381 / 2002 GBP 0.358*** +6% Dividends per share: 2003 GBP 0.164 / 2002 GBP 0.156 *** +5% * Before goodwill amortisation and exceptional items ** Before retirement benefits net finance cost, goodwill amortisation and exceptional items *** Restated for 2003 Rights Issue RESULTS HIGHLIGHTS Underlying profit before tax** up 15% Underlying earnings per share** up 6%*** Free cash flow up 19% at GBP 209 million Consumer Packaging underlying sales, including acquisitions, up 3% Beverage Packaging underlying operating profit* up 2% despite weak German market Plastic Packaging underlying operating profit* up 39% Efficiency and other savings of GBP 30 million Annual dividend increased by 5% to GBP 0.164*** Rolf Brjesson to become Chairman and Stefan Angwald Chief Executive after AGM Commenting on the results, Jeremy Lancaster, Chairman of Rexam, said “2003 was another year of strong underlying profit growth for Rexam and the results demonstrate the strength of the Group as a whole. I will leave Rexam at the AGM and Rolf Brjesson will assume the Chairmanship. Under his leadership Rexam has undergone remarkable change and Rexam is now one of the world“s top five consumer packaging companies. I can safely say that the company is in very good hands. We look forward to another good year as the benefits of recent acquisitions begin to take effect.”