Packaging solutions group Ardagh has reported revenue of €1.28 billion for the three months to the end of June. This represents a fall of 2% at actual exchange rates, but when examined on a constant currency basis, the performance was in line with the same period last year. Earnings before tax and interest and other items (EBITA) when expressed on a constant currency basis, was up 5% to €256 million in the three months. The period covers the company’s acquisition of 22 can-making plants from packaging giants Ball and Rexam. The acquisition was completed on June 30th and therefore the new plants did not make any contribution towards revenue or earnings in the period. Ardagh did however issue new debt to cover the €3 billion acquisition, which saw its total borrowings increase to €8 billion. The group had cash and available liquidity of €819 million on its balance sheet at the end of June.
