Global packaging manufacturer Rexam posted underlying pre-tax profit (before goodwill amortisation and exceptional items) of £150M for the first half 2004 ending 30 June, up 19% from £126M year-on-year. Rolf Borjesson, the new non-executive Chairman said: "We have had a good first six months carrying on from where we left off in 2003. We are benefiting from a combination of acquisitions, price increase, volume and mix improvements, as well as ongoing cost efficiencies and synergies." he added that these helped to offset the impact of cost inflation, currency and the deposit legislation in Germany. "We have also seen improvements in free cash flow and margins. In all, we remain confident that 2004 will be another successful year for the Group," he said.
