Rexam 2012 Half Yearly Results - dividend declared

Encouraging half year performance underpinned by Beverage Cans results

Rexam, the global consumer packaging company, announces its results for the first half of 2012.

Continuing operations underlying performance

Highlights

• Total beverage cans volumes up 6%
• Underlying profit before tax (including Personal Care) £225m
• Beverage Cans organic operating profit up 9%
• Healthcare underlying operating profit down from £36m to £27m
• Proposed sale of Personal Care business for $709m (£452m) announced in early July with c £370m to be returned to shareholders
• Return on capital employed (ROCE) on track for 15% by end of 2013
• Interim dividend 5p up 6%

Commenting, Graham Chipchase, Rexam's chief executive, said:

"We are encouraged by the progress of the continuing business in the first half and, in spite of a challenging trading environment, our overall performance was in line with our expectations.

Beverage Cans traded well with the global growth of specialty cans and the performance of the North American business overcoming cost headwinds. As indicated previously, we had some specific challenges in Healthcare.

We are pleased to have announced the proposed sale of the Personal Care business and our intention to return around £370m to shareholders once the transactions are completed.

In an increasingly uncertain macroeconomic environment, we will continue to focus on generating cash, managing costs and return on capital employed for the rest of 2012. Our progress to date gives us confidence of achieving our 15% return on capital employed target by the end of 2013."

Statutory results