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.Full report is available via Capital Network website
Plastics Capital (LON:PLA) released a trading update on May 2, for the year ending March 31. The company reports that trading remains broadly in line with market expectations. The statement confirms a strong annual revenue growth, reflecting the contribution from the acquired CCM creasing matrix business and also increased organic growth, led by the Films division.
The strong revenue performance reflects a strategy shift undertaken last year to focus more on top-line growth.
Plastics Capital (LON:PLA) released a trading update on March 1st, for the year ending March 31st. The company reports that trading remains broadly in line with market expectations. Revenue growth has remained strong in the second half, particularly in the Films division, reflecting the company’s programme of investments in expansion.
In terms of profitability, the EBITDA margin is still expected to increase versus H1, but at a lesser level than previously expected. This is due to a slower growth rate in the higher margin Industrials division, compared with the lower margin Films business.
Plastics Capital PLC (LON:PLA) has reported a strong set of results for the financial year ended March 2018. Revenues of £76.7mln and earnings per share (EPS) of 9.5p are both slightly ahead of our forecast, which was last updated at the time of the detailed Plastics Capital trading update on May 2.
The most important headline metric, in our view, is the organic (like-for-like) revenue growth of 13.0%, which reflects a strategy shift undertaken last year to focus more on top-line growth.