Amcor raises profits guidance on Covid demand

The world’s biggest consumer packaging business Amcor is raising its profits guidance on the back of stay-at-home consumption during Covid.

The company is seeing its US figures in particular rise strongly, with demand for packaged staples such as meat and cheese surging as consumers eschew restaurant meals.

Ron Delia, CEO at Amcor, told the market the company was now expecting its full year numbers to come in at between 7 and 12 per cent, up from 5 to 10 per cent it had previously.

Delia said the first few months of the new financial year – July through October had seen the company perform strongly, as grocery staples, healthcare and medicine were all beneficiaries of the Covid demand.

Amcor is now listed on the NYSE; it moved from the ASX following its $9bn buyout of rival Bemis last year. The majority of analysts now have Amcor as a buy.