Ireland-based glass and metal products-maker Ardagh has reported revenue of €7.6bn in its full-year results for 2017, am increase of 1% compared to €6.3bn for the same period in 2016.
The company saw adjusted EBITDA increase from €1.15m to €1.34m. Adjusted earnings per share grew 44%, from €1.13 to €1.63.
Ardagh said its beverage can business, created with the $3.42bn purchase of Ball and Rexam in April 2016, resulted in an increase in turnover of €1.3bn compared to the previous year.
Operating profit for last year was €601m compared to €520m for 2016.
Profit for 2017 year end was €54m compared to a loss of €67m in 2016.
Revenue for the fourth quarter ended 31 December 2017 was €1.78bn, compared to €1.82bn for the same period in 2016.
Metal Packaging Europe revenue increased by 4%, to €684m in the fourth quarter, compared with the same period last year.
Metal Packaging Americas revenue was €435m in the quarter, in line with the same period last year. The company said organic revenue growth of 6%, as a result of the pass through of higher input costs and favorable volume/mix, was offset by negative currency translation effects of €29m.
Ardagh Group chairman and CEO Paul Coulson said: “In 2017, we delivered pro forma constant currency Adjusted EBITDA growth of 2%, helped by the successful beverage can integration and de-levered as a result of strong free cash generation.
“Fourth quarter results were in line with our expectations, with constant currency revenue up 1% and Adjusted EBITDA advancing in three of our four divisions. Profit improvement initiatives in Glass North America are under way and we remain focused on driving growth in Adjusted EBITDA and cash generation as we continue to de- lever.”
The company expects its adjusted EBITDA for 2018 to be around $1.6bn, with an adjusted free cash flow to be between $550m and $575m and adjusted earnings per share to between $1.90 and $2.10.
Adjusted EBITDA for the first quarter of this year is expected to be about $345m.
Image: Ardagh reports full year results for 2017. Photo: Courtesy of Ardagh Group S.A.