Consumer packaging company Rexam saw underlying profits growth race ahead of sluggish sales growth on the back of a better than expected performance in its Beverage Cans business, primarily in Europe.
Underlying profit before tax rose 15% in 2011 to £450m from £390m in 2010, ahead of market expectations of £443m. Sales edged up 2% to £4,734m from £4,619m in 2010; the median forecast from the range of analysts covering the stock was for sales of £4,716m.
The total dividend for the year has been ramped up 20% to 14.4p from 12.0p the year before, well ahead of market expectations of 13.25p.
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