REXAM yesterday said can sales volume grew three per cent in the first quarter, but was still slightly below its expectations due to weakness in Russia and a slow start to the year in the rest of western Europe.
The company, which makes cans for Coca-Cola, Red Bull and Carlsberg beer, said it expected 2013 to be another year of good progress. Rexam had said in February that it expected a high-single-digit to low-double-digit sales growth in North America, as it was seeing a higher demand for speciality cans in the world's largest beverage-can market.
The company said then that it had a 20 per cent market share in North America, which accounts for about a third of its revenue.
Its healthcare unit, which makes medical devices like bronchial inhalers, was trading as expected as growth in drug delivery devices and a good flu season offset volume weakness in its packaging business.
“Overall financial performance was in line with our expectations,” Graham Chipchase, Rexam’s chief executive said. “It is still early in the year, and the busy summer season traditionally influences our full year results.We continue to expect to make further progress in 2013 and remain on track to achieve our 15 per cent return on capital employed target.”
City A.M. Reporter