Plastics Capital is bearing up well despite weak euro
Posted 30 January 2013
Niche plastics products group Plastics Capital has reported its Q3 figures, which confirm the company has continued to trade in line with market expectations.
Trading conditions have been stable since the group announced its interim results and little change is expected in the near term, the firm said in a statement, adding: “Demand in Europe remains depressed but elsewhere sales are growing in-line with management expectations.
“Margins and cash generated from operations remain strong and are similar to last year.”
Plastics Capital has also added new business – signing contracts for bearings with LG in South Korea and an additional deal to supply bearings for camera lenses. It has also established a manufacturing centre in Shanghai.
According to market analysts First Columbus: “Although we have lowered our pre-tax profit forecast for the current year marginally, from £3.75m to £3.68m, we have not changed our forecasts for next year and 2015.”
Plastics Capital’s executive chairman, Faisal Rahmatallah, said: "New business activity is going well and we are investing for growth in FY13-14 and beyond. Performance should be broadly in line with expectations over the final quarter and looking into the next financial year I anticipate a year of significant progress.”
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