Converting

Restructuring has helped Australian packaging group Amcor to record a "very solid result" for the year to 30 June in the face of rising raw material and energy costs.

A 2.2% fall in pre-tax profit to £210m (AU$517m) was compensated by the sale and reorganisation of several business units, which boosted significant items to a £55.5m gain compared with the £22m loss recorded last year.

The largest gain came from the £288m sale of Amcor's European PET business to La Seda de Barcelona, which was agreed at the end of June.

To combat movements in energy prices, the company said 70% of its future PET packaging volumes were covered by clauses in contracts enabling it to recover costs.

Amcor managing director and chief executive Ken MacKenzie said two years of focusing on "execution and building capabilities" across the organisation had created a "performance-orientated culture".

"From an earnings perspective, there is anticipated improvements in all the business units and profit on a continuing basis is expected to increase," he said.