Ardagh Metal Packaging returned to the black last year, recording a profit of $237m, compared to a loss of $210m for the previous year.
Revenues at the beverage can maker rose by 16% to $4.638bn across the 12 months, despite what the business described as challenging market conditions in the final quarter that saw profit and revenue fall.
"For the full year we delivered shipment growth of 5%, supported by our investment program, although softer-than-expected demand conditions resulted in fixed cost under-absorption," said Oliver Graham, CEO of Ardagh Metal Packaging.
Adjusted EBITDA for the full year fell by $37 million, or 6%, to $625 million in the year, compared with $662 million in 2021.
The company said the dividend per share last year reached 40c and it is proposing to pay a further 10c per share for the first quarter of this year.
Over the last year revenue rose by 23% in the Americas to $2.7 billion, while in Europe it increased by 7% to $1.9 billion.
Margins were squeezed across the group though, coming in at 13.3%, down from 16.3% a year earlier.
The company is forecasting shipment growth of mid to high single digits this year leading to adjusted EBITDA growth of around 10%.
But it said this would be weighted towards the second half of the year.
"Into 2023 we have taken actions to drive double-digit earnings growth through volume increases, contract resets with our customers and disciplined cost and capacity management," said Mr Graham.
"Our investment program is largely complete, providing the strong foundation to capture secular growth for the sustainable beverage can and to generate positive adjusted free cash flow in 2023, and further meaningful improvement in cash generation beyond."
