Global consumer packaging company Rexam Plc has announced its full year results for 2007, posting an 11 per cent rise in sales from continuing operations, taking the total value of its annual sales to Â£3,566 million.
The company, which makes cans for beverages, said that the rising price of aluminium had negatively affected its profits, as did a strike in the US. However the company did say it had made efficiency savings of Â£32 million.
Rexams pretax profit before exceptional items and from continuing operations was Â£245 million in 2007, down from Â£264 million in 2006.
The group said that it had raised an extra Â£5 million in expected synergies from integration of its recently acquired OI Plastics.
Rolf BÃ¶rjesson, Rexam's Chairman, said, In 2007 we delivered strong revenue growth from our continuing operations.
He continued, This year, despite the economic outlook and the inflationary input cost environment, we expect to see continued top line growth across our upgraded portfolio and as our investment in organic growth begins to bear fruit.
We will realise the synergies from our recent acquisitions and continue to deliver savings through our focus on operational efficiency. As a result, we look forward to a return to profits growth in 2008.