Rexam PLC announced its results for the first half of 2014. Sales were £1,881 million ($3.166 billion), down 5% from 2013, although organic sales rose 3%.
“Results for the half year are in line with our expectations,” Graham Chipchase, Rexam’s chief executive, said. “Trading in the second quarter improved in all regions with volume growth in Europe improving as anticipated and North America performing in line with the market. South America grew very strongly as we saw a significant benefit from customer activity around the FIFA World Cup.
“The sale of the Healthcare business and the return of c£450m of proceeds to shareholders marked the end of our portfolio transformation. Rexam is now a focused global beverage can maker. Our aim is to be the best in the industry by maintaining a strong focus on cash, cost and return on capital employed and delivering the right balance of growth and returns.
“Despite ongoing foreign exchange translation headwinds and metal premium cost at an all-time high, the business is in good shape operationally and we continue to expect to make further progress in 2014 on a constant currency basis,” Chipchase added.