Packaging giant Ardagh has posted a 6% increase in revenue in full-year 2018, to $9.1 billion (€8.02 billion).
The company said that its full-year adjusted EBITDA fell by 2% to $1.48 billion, impacted by currency effects, while volume/mix growth was up 1% for the full year.
Global beverage can volumes were up 5% in the full year (+8% in the fourth quarter), while glass packaging volume mix saw growth of 2% in Europe in the fourth quarter, offset by a 3% decline in North America.
Revenue and adjusted EBITDA were up 4% in the fourth quarter, at constant currency levels.
Currency Headwind
“Revenue and Adjusted EBITDA increased in the quarter, despite an adverse currency headwind, with volume growth in three of our four divisions," said Paul Coulson, Ardagh chairman and chief executive.
"Metal packaging performed well in the quarter, with Adjusted EBITDA growth of 12% and notable strength in beverage can demand during both the quarter and full year. Glass packaging in Europe delivered another strong performance in 2018, with broad-based volume growth. Adjusted EBITDA for the quarter increased by 5% and market conditions are positive. In Glass North America, our ongoing initiatives to improve financial performance are proceeding as planned.”
Looking ahead to the coming year, Ardagh is targeting adjusted EBITDA of at least $1.5 billion, with adjusted free cash flow of around $450 million.
© 2019 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: European Supermarket Magazine.
