One-off charges have dragged drinks packaging giant Rexam to net losses for 2009, but the group said its cost savings programme is ahead of schedule.

UK-based Rexam reported net losses of GBP29m (US$45.7m) for the 12 months to the end of December, against profits of GBP171m in  2008.

A GBP196m impairment charge and a GBP108m restructuring charge wiped out earnings for the year, said the group today (17 February).

Net sales rose by 5% to GBP4.86bn, largely due to favourable foreign exchange rates against sterling. Operating profits tumbled to GBP92m, against GBP380m a year earlier.

“Trading conditions were difficult throughout 2009,” said Rexam CEO Graham Chipchase. “However, we produced a strong cash performance, our cost reduction programme is ahead of plan and we delivered record efficiencies.”

He gave a mixed outlook for 2010.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“Although the strength of any global economic recovery is unclear, volumes appear to be stabilising. However, we expect business conditions in a number of our operations to remain tough.”

Chipchase highlighted “an enduring weakness in beverage closures” and uncertainty over beer sales in Russia as areas for concern.

Stay informed for just £1! *

Subscribe to Just Drinks for unbiased coverage of the global drinks industry, offering insights into the corporate strategies of beverage manufacturers and brands worldwide.


What’s included in your subscription:
  • Unlimited access to Just Drinks content including daily global news, in-depth analysis, and interviews with C-suite executives
  • Unbeatable coverage of categories from beer, wine and spirits to soft drinks and hot beverages
  • Unrivalled drinks industry comment from leading sector specialists

Ready to stay informed? Subscribe now and gain access to exclusive content.

Subscribe

Have a subscription? Sign in

For further details on subscribing, click here. Need multi-user access? Explore our corporate subscriptions now.

*After your 1-month trial, your subscription will continue at £315 per year.