Ardagh saw sales & earnings decline almost 10% in 2009 & posted a net loss for the year of 52M/Euros. Sales fell to 1.23BN/Euros, while earnings before interest tax, depreciation & amortisation of goodwill (EBITDA) fell to 235M/Euros, according to a report presented to the company's bondholders. Ardagh blamed part of the decline in sales on adverse foreign exchange movements. Owner, Paul Coulson told debt investors that trading so far this year has been strong. "Sales are up year-on-year in volume & revenue terms & are ahead of expectations. EBITDA performance in the first two months of 2010 is well ahead of the same period of 2009," he said. Coulson took Ardagh private several years ago & has turned the company into one of Europe's biggest glassmakers with a third of the market, mainly through the acquisition of UK firm Rexam in 2007 for 660M/Euros.
