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Cost reductions have helped Rexam to turn a pre-tax loss into profit in the first half of the year despite a slight drop in sales.
The plastic packaging and drinks can manufacturer reported a 1% drop in sales of £2.5bn for the six months to 30 June.
However, Rexam's "relentless cost control" has turned a £30m pre-tax loss in 2009 into £144m profit.
Chief executive Graham Chipchase said there had been "some volume recovery and pricing improvement" in the first half of the year.
"In most of our businesses, the trading environment is stabilising and the outlook for beverage cans has improved since the start of the year.
"However, uncertainty persists about the global economic outlook and visibility remains low," Chipchase said.
The firm said its plan to achieve £45m in savings in 2010 was on track - £29m in the first half – and has reduced staff numbers by 2,165. Results in the second half are expected to be similar to the first.
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