Basic MaterialsMaterials
Synnovia PLC

Plastics Capital's revenues boosted by sales of wrappings and films

Films (food wrapping and the like) did particularly well with a record year for Flexipol

plastic manufacturing
Films had a bumper year

Plastics Capital (LON:PLA) saw "exceptionally strong" sales over the year just ended even though growth moderated near the end.

Films (food wrapping and the like) did particularly well with a record year for Flexipol, while there was a recovery at Palagan and good performance from Synpac. 

WATCH: Plastics Capital's films business growing 'stunningly well'

Management of these three companies is being consolidated due to their shared production. 

Industrial was mixed with strong growth in mandrels (tubing) offset by bearings where delays on two large projects have been an issue throughout the year.

Bearings have a significant impact on group profits due to the high fixed costs of manufacturing, so this will hit the full year outcome. 

Net debt at the year-end was £14.7mln or £1.5mln lower than the prior year.

Faisal Rahmatallah, executive chairman, said he was pleased with the organic growth.

Plastic Capital had made the decision to invest heavily in the business and Rahmatallah said the two consecutive years of strong revenue growth illustrated this was making a sustainable difference. 

“We can see this continuing as we move into the current financial year."

Quick facts: Synnovia PLC

Price: £1.24

Market: LSE
Market Cap: £48.16 m

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on 12/03/2018


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