Ardagh Group’s subsidiary Ardagh Metal Packaging (AMP) has registered a gross profit of $109m in the second quarter (Q2) of financial year 2023 (FY23), down by 33% from $164m in FY22.

Its earnings per share (EPS) for the reported quarter, which ended 30 June 2023, declined to $0.03 from $0.17 a year ago.

Adjusted EPS for the reported period decreased to $0.04 from $0.11 in Q2 FY22.

The company’s consolidated revenue totalled $1.25bn for this quarter, representing a loss of $48m or 4%, both on a reported and constant currency basis, from $1.30bn in Q2 last year.

This decline in revenue, according to AMP, was mainly due to the pass-through to customers of ‘lower input costs’ and ‘unfavourable volume/mix effects’.

AMP’s adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) was down by 17% to $151m while the same was $181m in the previous year’s Q2.

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The company has attributed this decline in its adjusted EBITDA to higher operating costs, which was partly offset by strong volume/mix effects.

AMP CEO Oliver Graham said: “We experienced a challenging quarter against a global backdrop of sustained inflationary and household financial pressures, impacting on consumer demand.

“This was particularly the case in Brazil, where we expect market pressures to persist in the near-term. Our performance in Europe proved resilient, supported by improved input cost recovery, and was modestly ahead of expectations. In North America we recorded strong shipment growth and forward momentum, driven by the ramp up of our contracted new capacity.”

For the first six months of 2023 (H1), until 30 June 2023, revenue decreased by 2.2% to $2.38bn from $2.44bn during H1 2022.

Gross profit this H1 was reported at $222m or $0.04 EPS versus $301m or $0.26 EPS last year.

Graham added: “We continue to prudently manage our capacity ahead of a demand recovery and look forward to strong second half 2023 earnings growth resumption. With our growth investment programme completing in 2023, we are strongly positioned to capture future growth and to demonstrate the long-term earnings power and cash generation of our business.”