The aluminium can maker beat estimates with an 11pc year-on-year increase in turnover in the first three months of the year, to US$1.27bn (€1.12bn).
Sales in Europe were up almost 10pc to $528m while revenue in the Americas rose even more strongly, up 12pc to $740m.
Earnings rose even more strongly and total operating profit rose to $41m from $14m in the same period last year.
The numbers were a bright spot for the parent Ardagh Group which is locked in talks with lenders over proposals for a major debt restructuring that could see creditors take control of parts of the business.
AMP is 76pc owned by the Paul Coulson’s Ardagh Group and is seen as the best placed parts of the business to tap into the developing market for lower energy consuming, with more recyclable packaging than its glass containers business.
AMP’s CEO Oliver Graham said the first quarter results indicated the drink cans business had “turned a corner”, helped by a rebound in demand for energy drinks, sparkling water and health segments.
Directors said the business does not anticipate any direct impact from US tariffs, based on its model of serving markets locally.
However, Ardagh’s glass business reported declining sales with revenue in its Europe and Africa business down to $605m from $644 in the same period last year, partly down to currency movements, and US sales down to $356m from $386m.
Management provided little update on talks with holders of around $12.5bn of Ardagh debts, other than to say the group and its advisers are continuing to engage with noteholders in a “constructive manner, seeking to achieve a long-term sustainable capital structure”.
The group did say it will “vigorously defend” legal proceedings taken by two bondholders who filed a legal challenge in the US on March 11, challenging certain historical transactions of the group and the indicative terms of a recapitalisation that is currently only under discussion.
“The company strongly believes that the complaint is without merit and intends to vigorously defend against the proceedings,” it said.
Under that potential deal, unsecured bondholders would gain control of all the equity in Ardagh Group, which directly controls the glass packaging business and where Mr Coulson currently has a majority stake.
Bondholders are poised under the plan to take a 20pc stake in a new vehicle that would hold Ardagh Group’s existing 76pc stake in Ardagh Metal Packaging, with Mr Coulson retaining the majority interest.
Secured creditors will see their holdings in Ardagh Group reinstated in part into new debt, and in part into additional preferred equity of the new vehicle holding Ardagh Metal Packaging’s shares. Some holders of secured and unsecured debt will be invited to participate in providing $1.2bn of fresh financing, if that deal goes ahead.
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