Monday 28 May 2018

Ardagh sales up 13pc as Euro markets rise

Traders work on the floor of the New York Stock Exchange (NYSE). Photo: Reuters
Traders work on the floor of the New York Stock Exchange (NYSE). Photo: Reuters

Donal O'Donovan / Reuters

Ardagh Group reported first quarter revenue showing sales up 13pc to $2.22bn (€1.83bn).

The glass and metal packaging group listed a slice of equity in New York last year, and is mostly owned by businessman Paul Coulson.

"Our first quarter results again highlight the benefit of Ardagh's scale and diversity across our two substrates and multiple geographies. The group delivered adjusted ebitda growth of 9pc to $348m on a reported basis and 1pc at constant currency," said CEO and chairman Mr Coulson.

The billionaire Ardagh founder took over direct management of the group last year, after the surprise departure of CEO Ian Curley.

Elsewhere, encouraging results and a fall in the euro boosted European stock markets on Thursday, while earnings disappointments weighed on some stocks including Germany's Lufthansa and Kion.

The STOXX 600 ended the session 0.9pc higher as the euro fell to a session low after the ECB kept policy unchanged at its latest meeting.

Deutsche Bank shares had a choppy session and ended 2pc lower after the lender said it would scale back its bond and equities trading in a significant overhaul of its investment bank, after reporting a 79pc drop in net profit in the first quarter.

"The strategy potentially resolves the capitalisation concerns of the bank, but profitability remains an issue," KBW analysts said in a note.

Deutsche Bank shares are down nearly 25pc year-to-date, the worst-performing of the European banks sector.

Meanwhile Norway's largest bank, DNB, jumped 6.7pc after profit beat expectations thanks to a bounce in the oil sector.

Irish Independent

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