Amcor more than doubled its annual profit to $US597 million ($A752 million) after acquisitions dominated a year of strategic restructuring.
While the packaging giant delivered a profit well beyond last year’s $US244.1 million, revenue from ordinary activities for the year to June 30 fell 3.4 per cent to $US9.1 billion ($A11.5 billion).
Deutsche Bank research analyst Mark Wilson said the results were broadly in line with expectations, with good underlying growth in earnings before interest and tax (EBIT) and sound cashflow.
“The company expects flexibles to deliver another year of strong EBIT growth given incremental restructuring benefits of $US25 million to $US30 million, incremental net synergy benefits of $US10 million to $US15 million…
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