Plastics Capital PLC - Organic growth Accelerates
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.
Plastics Capital is a consolidator of plastics products manufacturers. Co.'s two reportable segments comprise Industrial and Film. Industrial includes hydraulic hose consumables, which comprised of hose mandrels used by the manufacturers of hydraulic and other industrial hoses; plastic rotating parts, which include design and manufacture of plastic bearings assemblies and technical moldings; and packaging consumables, which consist creasing matrix, a consumable product used in the manufacture of cardboard boxes to facilitate creasing prior to folding. Co.'s Films division, which includes plastic sacks and pouches, and film packaging, which is used primarily in industrial and food packaging.
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