French headquartered glass manufacturer Verallia reported a decline in revenue of 20% in the first three months of the year.

It blamed lower activity and prices for the decline, which saw revenue at €836 million in the first quarter of 2024, down 20% from the same period in 2023.

While sales were down on the corresponding period of the year before, they were up slightly from the previous quarter, Q4 2023.

The container glass packager said this is the start of a recovery, which should intensify in the second quarter this year.

By geographical area: In Southern and Western Europe, volumes were down compared to the first quarter of 2023, but have month after month returned to a positive trend compared to the end of last year.

In Northern and Eastern Europe, the decline in volumes was particularly pronounced in Germany and the United Kingdom, especially in beer and spirits.

In Latin America, volumes were down in the quarter despite the sharp rebound in demand in Chile after a difficult 2023. Business was stable in Argentina, where price increases offset the impact of foreign exchange.

Volumes were down in Brazil (wine and grape juice in particular).

The group also confirmed that it aims to complete the acquisition of Vidrala’s glass business in Italy between the second and third quarters this year.