Rexam boosted by record results

Rexam, the global consumer packaging company, has announced a healthy 26 per cent rise in its profits for the year ended 31 December 2002.

Rexam, the global consumer packaging company, has announced a healthy 26 per cent rise in its profits for the year ended 31 December 2002, setting a confident mood for the coming financial year.

Sales for the year increased to £3,027 million (€4,435m) compared to £2,944 million in 2001, an increase of 3 per cent. This led before tax profits to leap from £218 million to £274 million.

Commenting on the results, Jeremy Lancaster, chairman of Rexam, said: "Our results reached record levels in 2002, with ongoing operating profit up by 18 per cent driven by continued efficiency programmes, price recovery in the US beverage can market, improved volumes and the successful integration of acquisitions. 2003 has started as expected and, despite international concerns, we remain quietly confident of another strong performance."

The company also stated that it intends to move on with its policy of acquisitions within the fragmented European glass production market. The company recently bought German glass container firms Nienburger Glas and Luner Glashuttenwerke.

Rexam, which supplies cans to Coca-Cola, also stated that it aims to grow margins by continuing to improve efficiency, providing better customer service and by acting as a consolidator some of its markets.