Ardagh narrows losses, proposes name change

Glass group Ardagh has narrowed trading losses for the year and announced it is to change its name to South Wharf.

Trading losses came in at €1.02m compared to a loss of €2.89m for last year, while the profit retained for the period was €1.9m compared to a loss of €11.73m the year before.

The adjusted loss per share, excluding exceptional items, goodwill amortisation and other items, was 2.83 cents compared with 8.55 cents last year.

On retained entities turnover was €3.2m down from €29.6m last year as a result of the closure of the Dublin plant.

It added it is proposing to change its name to South Wharf . The name change is being implemented so as to avoid confusion between Ardagh and Ardagh Glass Limited.

Ardagh recently transferred all its glass production facilities to Ardagh Glass.

A resolution to change the name will be put to shareholders at the Annual General Meeting.

Referring to outlook, it said the agency business continues to focus on the requirements of Irish customers.

It added The High Court judgment of its legal action against Dublin Port Company over the right to obtain a change of use in relation to the substantial warehousing facilities at Ringsend is expected shortly.