Ardagh plc plans to change its name

Ardagh plc, the company that remained following the demerger of its glass operations in 2003, plans to change its name to South Wharf plc.

The move is being taken to avoid confusion between the company and its former glass business, Ardagh Glass Ltd. A resolution to change the name will be put to shareholders at the company's annual meeting in July.

Meanwhile, the company said turnover in its retained business fell to €3.2 million last year from €29.6 million in 2002, as a result of the closure of the Dublin glass plant at Ringsend.

A limited amount of processing and finishing work is still being undertaken at the plant, which substantially decreased production at the beginning of July 2002 with the loss of 375 jobs.

The company also said that agency sales of product sourced from other manufacturers, including the plants of Ardagh Glass, are continuing.

Group trading losses last year were €1.02 million, down from €2.89 million in 2002.

Exceptional profits of €1.65 million from the sale of plant and €1.36 million from a distribution on the Consumers Packaging bonds were partially offset by demerger costs of €0.39 million.

The company is in a legal dispute over its right to change the use of its warehousing capacity at its Ringsend site. It said the High Court judgment of its legal action against Dublin Port Company, from whom it leases the site, was expected shortly.

Meanwhile, Ardagh's accounts also contain results for the demerged glass business for the two months prior to its demerger on February 28th, 2003.

The demerged business delivered a trading profit of €3.5 million on turnover of €39.5 million in January and February last year.

The company's profitable international glass-making operations were hived off from Ardagh to a private company incorporated in Guernsey following a controversial privatisation process in 2002.