Ardagh Group sees Q2 2020 revenues drop by 5% on previous year

Ardagh Group has seen revenue for the second quarter of 2020 at $1,606 million, 5% lower than the prior year.

Despite growth in other areas, the group saw a 7% reduction in glass packaging for the quarter that ended 30th June, 2020.

The adjusted EBITDA of $271 million for the quarter was an 11% reduction of constant currency from the previous year.

Paul Coulson, Chairman and Chief Executive, said: “The group performed well in the quarter, reflecting strong execution and the defensive end markets we serve.

“Demand for sustainable packaging remains strong and we continue to progress our growth investment projects.

“We also availed of favourable markets to improve our capital structure and ended the quarter with total liquidity of $1.6 billion.

“Overall trading trends in June were positive and we are well-positioned to benefit from further improvements in market demand.”

The performance of Ardagh’s glass packaging was stable throughout the second quarter, with strength in food end markets mitigating the impact of on-premise closures.

Investment projects continued to progress during the period, to support growth in demand for sustainable packaging.

Total liquidity of $1.6 billion at June 30, 2020, including $1.45 billion in cash.

Capital structure further improved during the quarter, with an average debt maturity of six years and no bond maturities before 2025.