Business

Packaging manufacturer Nampak said trading conditions in Europe remained highly competitive as it reported increases in pre-tax profit and revenues in the year to 30 September.

The group, based in South Africa, recorded a 21% rise in pre-tax profits to £103m (Rand1.4bn) on sales up 6% to £1.11bn.

Nampak attributed the increase in profit partly to the restating of its 2005 figures to comply with International Financial Reporting Standards, as well as benefits flowing from a three-year restructuring programme.

Nampak said manufacturing efficiencies and cost control resulted in an improved operating performance in its European plastics operations.

Nampak Cartons Europe grew its market share in the healthcare sector, even though profits were hit by consolidation in the pharma industry.