For 2013, Rexam posted a 1% rise in sales to £3.9bn. Underlying profit before tax was up 4% to £372m. The group also hit 15.5% return on capital employed (ROCE), up on the 14.5% in 2012. Rexam’s total dividend is up 14% to 17.4p.
Graham Chipchase (pictured), Rexam’s chief executive, said: “We are pleased to have achieved our 15% ROCE target. We also grew 2013 profits by 4% and have proposed a 14% increase in the dividend to 17.4p. It has been a great team effort.
“The acquisition of a majority stake in UAC expands our footprint in the Middle East, while our investment in Magnaparva Packaging demonstrates our intent to pursue transformational innovation opportunities.
“Rexam is now a focused beverage can maker, and our aim is to be the best in the industry. The work that we have done to restructure our company means that we are in good shape operationally. In 2014, despite an uncertain macroeconomic environment and some continued cost volatility, we expect to make further progress on a constant currency basis. We remain committed to managing what we can control and focusing on cash, cost and return on capital employed as we pursue our strategy of balancing growth and returns.”