Can maker Rexam (REX) got the better second half it wished for six months ago. Global volumes of drink cans nudged higher and the company easily beat its own target for return on capital employed of 15 per cent. But a 4 per cent increase in underlying pre-tax profit to £372m was still £20m shy of consensus forecasts, sending the shares tumbling in morning trading.
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Continuing to claw back share in North America - lost when the Coke contract was renegotiated in 2010 - was the big growth driver: volumes jumped 7 per cent, despite a 3 per cent market decline. But Western Europe and South America, where higher metal conversion and premium costs trimmed group organic operating profit by 1 per cent to £449m, were "disappointing".