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Plastics Capital
- BY: Andrew Hore |
- POSTED: 26/04/2010 |
Niche plastics products manufacturer Plastics Capital says figures for the year to March 2010 will be in line with expectations.
House broker Cenkos forecasts a profit of £2.8m, which is an improvement on the underlying profit in 2008-09.
There has been a steady improvement in trading over the past year. Order books are much higher than one year ago. The growth is coming from exports.
Debt is being reduced in line with plan. Net debt was £18.7m at the end of September 2009. In March 2010, four Plastics capital directors set up a company to pay £552,510 in deferred consideration for an acquisition in 2008. Plastics Capital has agreed to pay the new company the £552,510, plus interest of up to £33,000, within six months. This has helped to keep bank debt lower at the year end.
At 29.5p a share, up 4p on the day, Plastics Capital is valued at £7.95m.
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