Plastics Capital, the supplier of niche industrial plastic products, released an encouraging set of interim results to September 30th 2010. Sales, operating profit and profit after tax were up 27%, 59% and 47% respectively vs. H1 2009/10. Cash conversion was good, enabling the company to reduce net debt by 19% (£1.9 million) to £14.3 million.
Sales growth was driven by new business, with volumes recovering to (almost) pre-financial crisis levels. Plastics' share price has reacted positively to the news, rising to 81p during the course of trading on December 6th.
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