Restructured Ardagh moves into black

Ardagh, the glass container manufacturer quoted on the Irish Stock Exchange, announced a pre-tax profit of €1.72m (£1.1m), against a loss of €30.2m, after the demerger of its UK and Italian glass operations.Turnover for the year to December was down from €318m to €42.7m.

The group said it was making "good progress" in disposing of plant, equipment and stock from its glass factory in Ringsend in Dublin, which is also being closed.

Retained activities, which include selling products sourced from other manufacturers including the demerged Ardagh Glass, produced a pre-tax profit of €1.44m. This was against a loss of €12m, struck after exceptional charges of €8.8m. Turnover from the retained activities was down from €29.6m to €3.22m, partly as a result of the closure of its Dublin plant.

The group is proposing to change its name to South Wharf.Joan Gray.

600450 Restructured Ardagh moves into black
Date: 26 April 2004

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