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Rexam year profit up 34 pct, meets expectations

Friday, Feb 20, 2009
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LONDON, Feb 19 (Reuters) - Rexam Plc , the world's biggest drinks can maker, posted on Thursday a 34 percent increase in full-year underlying profit to 328 million pounds ($465.4 million), meeting average analyst expectations. The company also increased its dividend 5 percent to 21 pence per share as it reported record sales of 4.6 billion pounds, an increase of 28 percent. Rexam said while the results showed its resilience, trading had weakened in the second half of 2008 as market conditions worsened. "It is difficult to predict how the economic downturn will affect our trading in 2009 but we remain focused on generating cash and managing costs to underpin the progress we made in 2008," said Chief Executive Leslie Van de Walle in a statement. Rexam said in December it was shutting a plant in Oklahoma, reducing capacity and cutting jobs across its North American beverage can business in response to tough market conditions.

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