Dublin-listed Ardagh has reported pre-tax profits of €1.7m for last year on turnover of €42.7m. Trading losses were €1m but there were exceptional gains of €2.6m, mainly linked to the sale of assets from its Ringsend plant
The results include two months of trading from the UK and Italian glass operations which were demerged last year into a private company. The Irish glass production business ceased in 2002, but some processing and packaging is continuing at the Ringsend site and this activity has also been included.
Turnover at the company's remaining businesses was €3.2m, down from €29.6m in 2002 after the closure of the Dublin plant.
Ardagh is proposing to change its name to South Wharf plc in order to avoid confusion with the private company Ardagh Glass Ltd. The company is awaiting a decision from the High Court on its legal action against Dublin Port. Ardagh is trying to obtain permission to use the Ringsend premises for port related warehousing activities.
