Rexam dividends soar in wake of rising profits
Global consumer packaging company Rexam has reported a rise in profit before tax of four per cent to £372m for the full year 2013.
Rexam announced that the sale of the majority of Healthcare, agreed for $805m (£482m), would see £450m of the proceeds returned to shareholders.
The company's total dividend was up 14 per cent to 17.4p, while it managed to achieve its target of a 15 per cent return on capital employed.
Graham Chipchase, Rexam's chief executive, commented:
The acquisition of a majority stake in UAC expands our footprint in the Middle East, while our investment in Magnaparva Packaging demonstrates our intent to pursue transformational innovation opportunities. Rexam is now a focused beverage can maker, and our aim is to be the best in the industry.
Looking to the future, the company said it expects to make further progress, despite a challenging macroeconomic environment and continuing problems associated with cost volatility.