Nampak plans to invest in expansion in its African heartland, according to outgoing chief executive Andrew Marshall, reporting on the packaging firm’s interim results.

In a trading statement, Marshall said profits for the company continued to grow

off the back of investments

already made and referred to “other exciting opportunities that we are currently pursuing”.

“We have recently successfully raised $175m in the US Private Placement market at extremely competitive rates and the proceeds will be used to fund our African expansion strategy.”

Meantime, the business said it had taken hits in the six months to March 31 for several reasons. A marked downturn in consumer spending in South Africa during the second quarter resulting in reduced demand for most types of packaging, it said. As a result, lower average selling prices agreed as part of long-term supply contracts cut trading margins for Nampak’s beverage can and glass business.