| By Rexam PLC |
| Friday, 19 February 2010 |
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Commenting on the 2009 results, Graham Chipchase, Rexam’s Chief Executive, said:
"Trading conditions
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were difficult throughout 2009. However, we produced a strong cash performance, our cost reduction programme is ahead of plan and we delivered record efficiencies.
"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.
In Beverage Can Europe, there is ongoing uncertainty as to the development of specialty cans and, |
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in Russia, to the continued effect of the recession and the impact of new taxes on beer.
In Closures, we have already taken action in 2010 to reduce cost further to counter what is an enduring weakness in beverage closures.
In Personal Care, our performance in the current year will depend, in large part, on consumer confidence and discretionary spend in the US.
"We continue to maintain the tight management of cash and limit capital expenditure to below depreciation.
Looking ahead, our single minded commitment is to enhance shareholder value. This means focusing on the fundamentals of cash flow optimisation, cost control and improving return on capital. |
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"We believe that the trading environment will remain challenging throughout the year but, as we benefit from the cost saving measures we are taking, overall we expect our performance to improve in 2010."
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