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‘Outlook for the 2014/15 year is for higher earnings’

Amcor profit after tax up 24.6%

By Jenny Eagle+

21-Aug-2014
Last updated on 21-Aug-2014 at 10:56 GMT2014-08-21T10:56:51Z

Amcor profit after tax up 24.6%

Amcor will continue to expand its portfolio following its Flexible Packaging acquisitions in China, Australia, Indonesia and India.

Announcing its financial results for the year ended 30 June 2013, the company saw statutory profit at $737.0m compared with $589.2m for profit after tax of $737.0m up 24.6%.

Tobacco packaging plant

Ken MacKenzie, managing director/CEO, Amcor said over the past 12 months it has seen a number of ‘exciting developments’ and has plans to build a greenfield tobacco packaging plant in Indonesia.

Acquistions remain a key component of our growth strategy going forward and over the past year we announced Flexible Packaging acquisitions in China, Australia, Indonesia and India,” he said.

FoodProductionDaily reported last month, Amcor announced a breakthrough technology called LiquiForm, which uses consumable liquid instead of compressed air to hydraulically form and fill a container on one machine simultaneously.

It has plans to commercialize the product in two to three years’ time.

Earnings per share 9.2%

Talking about its financial results, MacKenzie, said earnings per share, for the continuing operations, increased 24.7% to 61.1 cents per share and the dividend increased 26.5% to 43.0 cents per share.

On a constant currency basis, earnings per share increased 9.2% and the key drivers of higher earnings were from recent acquisitions, ongoing growth in emerging markets and continued improvement in operating performance.

The Flexible Packaging segment had a solid performance with earnings up 7.1% in constant currency terms and record returns of 24.3%,” he added.

The operating sales margin increased from 11.6% to 12.1% which is an outstanding achievement and reflects innovation driven product mix improvements and ongoing strong growth in emerging markets.

The Rigid Plastics group had a solid year with higher earnings and returns. The business benefited from continued growth in Latin America and strong improvement in the Diversified Products division from new higher value-add products."

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