Plastics Capital enjoys strong start to year

PLASTICS Capital, which manufactures a range of products including plastic bearings which feature in applications as diverse as photocopiers and spa baths, said its maiden results today that it had enjoyed a strong year.

In its maiden preliminary results for the year ended 31 March 2008 the company – which has operations in Knaresborough – said it had made four acquisitions in the period and  it expected to begin work on a new factory in Thailand later this year.

The company added said that it had seen strong growth in subsidiaries – 12.8% EBITDA on a like-for-like basis – and expects this growth to continue.

Executive chairman Faisal Rahmatallah said: “Adjusted for the one-off effects of this year’s IPO and factory rationalisations, these are an excellent set of results demonstrating the strong underlying economics of our businesses. For the next 12 months, we anticipate significant growth in sales and profitability as the full impact of acquisitions made in the last financial year is felt, and as new business in the same period is converted into orders. Based on opportunities currently being pursued we believe that new acquisitions will also contribute significantly to growth beyond the next 12 months. The board is confident of another year of significant progress.”

Plastics Capital exports around 70 per cent of its sales and has expanded through acquisitions since 2002 – floating on AIM last year.

It has five factories in the UK, an assembly operation in Thailand and sales offices in the US and Japan.