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.

GlobalData Strategic Intelligence

US Tariffs are shifting - will you react or anticipate?

Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.

By GlobalData

“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.

Subscribe to Just Drinks for just £1 for 1 month

Stay ahead with unbiased news, expert commentary, and in-depth features on global topics.

As a trusted provider of data and insights, Just Drinks collaborates closely with industry leaders and professionals to offer unique thought leadership and analysis. Gain a deeper understanding of the apparel industry’s trajectory and the priorities shaping the profession.

What’s included in your subscription:
  • Personalized Access: Secure login to Just Drinks
  • Industry News & Expert Commentary: Timely updates and exclusive C-level interviews.
  • Case Studies & Deep Dives: Real-world applications and in-depth analyses.
  • Exclusive Subscriber Newsletter: Weekly top features, plus a new thematic report and webinar.

Ready to stay informed?

Subscribe to unlock exclusive content.

Already a subscriber? Sign in to access your account.

Just Drinks Excellence Awards - Have you nominated?

Nominations are now open for the prestigious Just Drinks Excellence Awards - one of the industry's most recognised programmes celebrating innovation, leadership, and impact. This is your chance to showcase your achievements, highlight industry advancements, and gain global recognition. Don't miss the opportunity to be honoured among the best - submit your nomination today!

Nominate Now