Group, one of the biggest packaging producers in the world, has announced encouraging results.Earnings before interest, tax and amortisation for the second quarter of this year was €204 million, an increase of 6 per cent on the same period in 2013. EBITA for the full year to the end of June was €760 million.
The company undertook significant debt restructuring in July, which included the sale of US company Anchor Glass. The US Federal Trade Commission only granted permission for the group's acquisition of the much larger glass company, Verallia North America, on condition that it sell Anchor. It used the money raised from the sale to pay off some of its debt.
Group revenue for the second quarter increased by 28 per cent to €1,287 million. When the effect of its acquisition of Verallia North America and the sale of Anchor is removed, group revenue is 1 per cent more than the same period in 2013.
These figures indicate that the company is moving in the right direction to refinance its debt of around €3 billion, ahead of its plans for an initial public offering on the New York Stock Exchange in the second half of next year.
The Luxembourg-based company, which began life in Ireland and has several Irish shareholders, is one of the world's biggest producers of glass and metal packaging products. It has several high profile clients such as Coca-Cola, Pernod Ricard, Nestlé and John West. The company continues to go from strength to strength and we await its stock market launch with interest.
