Ardagh plans IPO 'for second half of 2015'
Glassmaker Ardagh, which is headed by Dublin financier Paul Coulson, has confirmed it will proceed with plans to pursue a stockmarket listing next year.
Releasing first-quarter results yesterday, the company said the listing, or initial public offering (IPO), is likely to happen in the second half of 2015.
"The group has completed a review of the options open to it regarding equity funding and has concluded that, although private equity funding is available to the group, it is in its best interest to proceed exclusively with its plans for an IPO in the second half of 2015," it said.
Ardagh recently completed a deal to buy the glass-making operation of Verallia North America following a protracted delay as a result of concerns that had been expressed by the US Federal Trade Commission.
The group said its revenue in the first three months of the year edged 1pc higher to €968m year-on-year, while earnings before interest, tax, depreciation and amortisation (EBITDA) rose 9pc to €155m in the period.
Ardagh, which is one of the biggest glass container makers in the world, said the economic backdrop in its main markets was little changed from the latter half of 2013, with expansion in the US economy disrupted by a tough winter.
"European economies generally saw continued stabilisation and modest progress, though consumer behaviour remained subdued," it added.