First quarter performance from Rexam was not to be sneezed at as the consumer packaging company traded in line with expectations.
The firm's Healthcare division traded slightly below the same period the previous year, as expected, largely as a result of the absence of a good old fashioned winter flu epidemic and a product coming off patent.
Meanwhile, the process to divest the Personal Care business is progressing according to the company's plan, while the Beverage Cans division is performing in line with the firm's aims.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Good growth in Western Europe drove volumes in the European business, while in North America, the company saw continued good performance in speciality cans and the expected recovery of some of the standard can volumes lost in 2011, while the business in South America showed slight year-on-year volume growth.
Graham Chipchase, Rexam's Chief Executive, said: "Trading so far this year has been as anticipated and overall performance is in line with our expectations. It is still early in the year and the busy summer season traditionally influences our full year results. The global economic outlook remains uncertain but, at this stage, we continue to expect 2012 to be another year of progress as we maintain our focus on cash, costs, and return on capital employed."
Cash levels are said to be around the same level as they were at December 31st, when cash and equivalents stood at £402m.
NR
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
-
What does Rachel Reeves’s plan for growth mean for UK investors?Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
