Irish glass and metal packaging group Ardagh stated that its revenue has increased 58% to €2.02bn for the second quarter of this year, when compared to €1.3bn for the same period in 2016.
Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) for Q2 was €379m, compared to €256m in the year-ago period.
The company stated: “Prior guidance for 2017 Adjusted EBITDA of €1.4bn ($1.5bn) was based on then prevailing exchange rates. At current exchange rates this guidance becomes €1.37bn ($1.6bn) due entirely to currency. Targeted leverage of approximately 4.75x Adjusted EBITDA at December 31, 2017 is unchanged.”
In March, Ardagh raised about $308m, after being floated in the New York Stock Exchange. Proceedings from the equity were used to reduce its debt of €7.2bn. Recently in June, the company issued about £400m 10 year notes, to redeem $500m of other notes that were due in 2021.
There is another €405m worth notes to be redeemed in early August and the following the redemption, the company is said to be have used more than $750m in cash and other liquid assets for debt repayment.
Ardagh also stated that its revenue increased by 97%, to €786m in the second quarter of this year, compared to the same period last year. The company stated that the growth for the period is possible because of it acquisition of Beverage Can.
Its adjusted EBITDA increased by 97% to €134m, compared to same period, last year. Increase in adjusted EBITDA is said to have reflected Beverage Can acquisition, as well as an organic growth of 7% and it was partly offset by €1m in adverse currency translation.
The company’s earnings per share were €0.13. For 2016, it was loss per share of €0.34). For the current year, the adjusted earnings per share was €0.49 and it increased from €0.10 for last year.
