Beverage cans producer Ardagh Metal Packaging (AMP) recorded a profit of $57 million (€54 million) in the first quarter of 2022 on the back of a 21 per cent year-on-year climb in revenue.
AMP, which is listed on the New York Stock Exchange, is majority owned by Ardagh Group, the glass and metal packaging giant led by Irishman Paul Coulson.
The company, which had made a loss of $74 million in the same quarter last year, saw revenue rise to almost $1.14 billion, up 25 per cent on a constant currency basis, with the group citing strong demand across its business.
Its adjusted earnings before interest, tax, depreciation and amortisation (ebitda) were $145 million for the first three months, down 2 per cent on the same period last year.
"First quarter results were in line with our expectations, with continued strong demand for our products," said AMP chief executive, Oliver Graham.
"We share the international outrage at the Russian invasion of Ukraine and the resulting humanitarian crisis. Although we have no presence in either country, these events have exacerbated an already challenging inflationary backdrop, in response to which we are pursuing additional price recovery," he said.
The trading update from the company identified “persistently high” European energy costs as a headwind for the company.
Mr Graham added that AMP had “significantly advanced” its growth investment plans in the quarter and that this would contribute to a “meaningful step-up” in shipments in future quarters.
New capacity in the UK and Germany is now operational, the company said, while in North America, production continues to ramp up at its facility in Winston-Salem in North Carolina. Production of beverage cans will also begin shortly in Huron, Ohio.
The company re-iterated its forecast of mid-teen to high-teen percentage shipment growth for the year and adjusted ebitda in the order of $750 million on a constant currency basis.