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July 29, 2022

Ardagh Metal Packaging reports 31% revenue growth in Q2 2022

The company said that its results in the quarter were driven by strong regional performance.

Irish packaging company Ardagh Metal Packaging (AMP), a subsidiary of Ardagh Group, has reported a 31% increase in revenue to $1.30bn in the second quarter (Q2) of the fiscal year 2022 (FY22) from a year earlier.

The company’s revenue grew by 38% on a constant currency basis, driven by higher input costs and strong volume/mix growth passed through to customers.

AMP’s adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) for the three months to 30 June increased by 5% to $181m, compared with $173m in the same period of the prior year.

The company’s earnings per share (EPS) rose to $0.17 in Q2 2022 from $0.05 in the same period of FY21.

AMP’s Americas business saw its revenue rise by 46% to $770m against $527m in Q2 2021, while the business’ adjusted EBITDA for the quarter was $120m, up by 36% from $88m last year.

In Europe, the company’s revenue increased by 15% to $533m, while its adjusted EBITDA dropped by $24m to $61m.

AMP CEO Oliver Graham said: “We successfully delivered our Q2 guidance in the face of unprecedented inflationary and supply chain challenges and a headwind from FX.

“In the quarter, we continued to commercialise new capacity, largely in line with budget and with minimal delays.

“The ramp-up of our investments and an outperformance in Brazil contributed to strong shipments growth in the period.

“We are actively pursuing a recovery of our exceptional energy inflation costs and are focused on a disciplined build-out of further capacity, suitably rephased so as to align it with demand.”

AMP is a global supplier of infinitely recyclable, sustainable metal beverage cans. It recorded sales of $4.1bn in FY21.

With operations across Europe and the Americas, the company has 24 production facilities in nine countries and nearly 5,800 employees.

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