News blog
Plastics Capital
- BY: Andrew Hore |
- POSTED: 01/12/2008 |
Plastics Capital reported higher interim revenues and profits but the underlying trading was flat.
Plastics Capital manufactures niche plastic products, such as plastic bearings and film packaging. A new factory was opened in Thailand earlier this year but the majority of manufacturing is in the UK. The company is on the look out for add-on acquisitions.
Revenues grew from £8.9m to £15.6m in the six months to September 2008. Pro forma revenues were flat at £15.6m when full contributions from last year‘s acquisitions are taken into account.
Underlying profits were £1.55m, which is equivalent to 4.1p a share.
Net debt was £18m at the end of September 2008.
Demand from the automotive and construction sectors is weakening but the spread of products helps to minimise the negative effect. Overheads are being reduced and the business should benefit from the strengthening of the US dollar.
At 45p a share, Plastics Capital is valued at £12.1m.
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