Ardagh enjoys 16% rise in revenues to €1.3bn for Q3

Irish glass and packaging group, Ardagh has reported a 16% year-on-year increase in underlying third-quarter revenues to €1.31bn.

That figure, however, doesn’t take into account the completion of the long drawn out €1.3bn takeover of Verallia North America (VNA) — the US’s second largest glass container manufacturer — and a small divestment, after which revenue for the period was in line with the corresponding quarter last year, and down by 1% on a constant currency basis.

On a pro-forma basis, Ardagh’s North American glass revenues were up in line with last year, at €379m (but up by 2% in constant currency terms), while the European glass division saw a 2% annualised revenue drop to €374m.

The metal packaging part of the group saw a flat revenue of €558m for the period.

Group earnings on an EBITDA basis increased by 22%, year-on-year, to €240m, meanwhile.

Management said the business has continued to make good progress this year, with pro-forma EBITDA amounting to €767m for the 12 months to the end of September.

It added that the refinancing it undertook in the summer will result in “significantly reduced future cash and payment-in-kind interest costs” for the group.