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Plastics Capital - Delivering balanced growth

Plastics Capital (LON:PLA) has reported first half  (H1) results to September 2018 showing revenue growth of +11.4%, underlying earnings (EBITDA) growth of +42.8%, and adjusted earnings per share (EPS) growth of +67.9%. These results reinforce our confidence in our full-year (FY) March 2019 forecasts, including our EPS growth forecast of 25.3%.

Executive summary

When Plastics Capital reported FY Mar2018 results in June, the Industrials division was just beginning to show signs of improvement following some disappointing project delays, particularly in the high-margin Bearings business. The H1 results release shows 10.9% revenue growth for Industrials, including 18% for Bearings, with commensurate benefit to EBITDA. We argue that this provides very encouraging evidence that the growth plan for Industrials is moving back on track.

Quick facts: Synnovia PLC

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LSE:SYN
Market: LSE
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What's in the report?

Financial results and forecasts
Growth drivers
Management
Market conditions
Milestones & inflection points

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