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Synnovia PLC

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.

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

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Plastics Capital seeing the results of its pivot towards growth-oriented...

Capital Network analyst Ed Stacey discusses Plastics Capital Plc's (LON:PLA) first half results to September 2018. Revenue rose 11.4% to £40.63mln from £36.46mln while underlying earnings (EBITDA) rose 42.8% to £3.67mln from £2.57mln. Stacey says the results reinforce his confidence...

on 3/12/18

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