Amcor increases full year profits on back of acquisitions

Packaging giant Amcor has posted an increase in full-year profit, following acquisitions around the globe.

The company’s profit after tax of US$680.3 million was up 0.4%. This included the negative translation impact from the higher US dollar on profit after tax of US$47 million.

Revenues were $US9.61 billion, a 3.5 per cent fall from last year.

Over the past 12 months Amcor has made acquisitions in South Africa, Brazil, China and India, as well as new greenfield plants announced in the Philippines and Indonesia.

“Earnings per share, on a constant currency basis increased 7.5% and the dividend, in Australian dollar terms, increased 23% to 53 cents.  The key drivers of the increased earnings were the benefits from recent acquisitions and continued improvement in operating performance,” Amcor’s Managing Director & CEO, Ron Delia said in a statement.

 “The business delivered strong free cash flow, after the payment of dividends, of approximately $300 million and returns exceeded 20% for the first time in the company’s history.  The balance sheet remains very strong, and we have completed 60% of the US$500 million share buy-back that was announced in February.

  “Amcor has a strong foundation to build on, and an excellent track record of ongoing improvement.   Amcor is well positioned in an increasingly dynamic world and has substantial opportunities to leverage the existing portfolio to generate growth."

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