Rexam Delivers Record Profit For 2002

Rexam PLC had a record year ending 31 December/02 with ongoing operating profit, before goodwill amortisation and exceptional items, up by 18% to £349M against £295M in 2001. Sales from ongoing operations rose for the year by 3% to £3,027M compared to £2,944M for 2001. The beverage packaging side of the business, which accounts for about 80% of sales, showed an increase in operating profit of 22% as margins rise to 11%. The EU glass operations had to contend with a testing market due to over capacity in Central Europe, but turned in an improved performance owing to favourable changes in product mix and cost reductions.