Niche products manufacturer Plastics Capital PLC (AIM: PLA) reported a 40 percent sales rise for the full year while EBITDA was up 29 percent year-on-year, with the comparatives restated to adjust for discontinued operations.
Revenue in the year to March 31 2009 rose to £28.1 million from a restated 20.1 million, and EBITDA rose to £5.1 million from a restated 4 million. Pretax profit, taking into account exceptional items and amortisation, dipped to £2 million from a restated £2.6 million.
Executive chairman Faisal Rahmatallah said: “These results demonstrate the resilience and competiveness of our businesses in the face of extremely difficult global market conditions over the last twelve months.”
“Whilst we see little convincing evidence that demand conditions are improving, we do believe that they have reached a floor. We are winning new business and this is our focus for growth in the near term,” he added.
Its acquisitions strategy has been very successful and as conditions improve, the group is confident that good opportunities will become available once again. It is expecting another year of progress.www.proactiveinvestors.co.uk
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