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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Plastics Capital plc is a holding company. It is engaged in the manufacture of plastic products focused on products for niche markets. The Company has four factories in the United Kingdom, one in Thailand and sales offices in the United States, Japan, China and India. It operates in two segments: Packaging, which includes packaging consumables and high strength film packaging, and Industrial Products, which includes hydraulic hose consumables and plastic rotating parts. The Company's businesses include Bell Plastics Limited, BNL (UK) Limited, C&T Matrix and Palagan Limited (Palagan). Bell Plastics Limited manufactures hydraulic hose consumables and BNL (UK) Limited manufactures Plastic rotating parts. C& T Matrix manufactures packaging consumables, and Palagan manufactures high strength film packaging. The Company exports 60% of its sales to over 80 countries worldwide. more »
