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Plastics Capital PLC (SYN)

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Monday 02 December, 2013

Plastics Capital PLC

Half Yearly Report

RNS Number : 3520U
Plastics Capital PLC
02 December 2013
 



 

 

Plastics Capital plc

("Plastics Capital", the "Company" or the "Group")

 

Interim Results for the six months ended 30 September 2013

 

Plastics Capital plc (AIM: PLA) the niche plastics products manufacturer, announces the Company's interim results for the six months ended 30 September 2013, which are in line with management expectations.

 

Financial highlights


Six months ended

30 September 2013

£'000

Six months ended

30 September 2012

£'000

 

% Change

Revenue

16,358

15,711

4.1%

EBITDA*

2,436

2,290

6.4%

Profit before tax*

1,738

1,828

-4.9%

Earnings per share*+  (p)

5.4

5.5

-2.5%

Dividends per share (p)

1.00

0.66

51.5%

Net Debt

8,067

8,605

-6.3%

* excluding amortisation, exceptional costs, unrealised foreign exchange translation and derivative gains / losses.

+ applying an expected tax charge of 15% and based on the weighted average number of shares currently in issue in the year.

 

Financial Highlights

 

·    Earnings before interest, tax, depreciation, and amortisation resumes upward trend;

·    Improvement in operating profit (before exceptional costs and amortisation) margin from 11.5% to 11.9%;

·    Net debt reduced by £0.5m to £8.1m; and

·    7% underlying EPS growth - before one-off foreign exchange gain in H1 2012-13

 

Operational highlights

 

·    Revenue growth resumes - 4.1% growth on both H1 and H2 2012-13;

·    Mandrel sales up 56% on same period in prior year;

·    10 new key account wins underpin sales growth going forward;

·    Major investment in new capacity for industrial films completed successfully;

·    Chinese factory for machined bearings brought into production on time and budget; and

·    Post period end contracts exchanged to acquire Chinese creasing matrix competitor, Shengli.

 

 

Commenting on these results, Faisal Rahmatallah, Executive Chairman, said: "I am pleased to report that growth in sales and in underlying profitability have both resumed.  In the half year, demand from Europe has improved, new business has contributed to growth across the Group, additional sales and marketing investment has continued and new capacity has been added for both industrial films and machined bearings. We have also recently announced the acquisition of Shengli, the leading Chinese producer of creasing matrix, which is a major step forward in this region.  The Board expects the Group to trade in line with expectations for the rest of the year."

 

 

Plastics Capital plc                                                                             Tel: 020 7326 8423

Faisal Rahmatallah, Executive Chairman

Nick Ball, Finance Director

 

Cenkos Securities plc                                                                        Tel: 020 7397 8900

Stephen Keys

Camilla Hume

 

First Columbus                                                                                   Tel: 020 3002 2074

Katrina Perez

Marianne Woods

 

Walbrook PR Ltd                                                                               Tel: 020 7933 8780

Paul Cornelius                                                                    [email protected]

Helen Cresswell                                                              [email protected]

 

 

Notes to Editor

Plastics Capital manufactures innovative plastics products for global niche markets.  The Group has four factories in the UK, one in Thailand and sales offices in the USA, Japan, China and India.  Approximately 60 per cent of sales are sold outside the UK to over 80 countries worldwide.  Production is concentrated in the UK where significant engineering know-how and automation underpins the Group's competitiveness.  The Group has approximately 300 employees.

 

Further information can be found on www.plasticscapital.com

 

 



Chairman's Statement

 

Financial Review

 

These results reflect improving performance driven by sales growth and the operational gearing inherent across the Group.  Revenue growth has resumed on the back of some partial demand recovery from customers in Europe and we have continued to win new business, which has more than compensated for some relatively minor losses.

 

Compared to H1 2012-13, on an underlying basis (excluding for the one-off realized foreign exchange gain in H1 2012-13), the Group has:

·    Increased sales by 4.1%;

·    Increased profit before tax by 4.4%;

·    Increased earnings per share by 7.0%; and

·    Reduced net debt by £0.5m to £8.1m.

 

To see the improvement we have achieved over the last 12-18 months, it is helpful to compare sequential half year periods (H1 2013-14 against H2 2012-13). On an underlying basis the Group has:

·    Increased sales by 4.2%;

·    Increased profit before tax by 18%; and

·    Increased earnings per share by 19%.

 

Sales have grown primarily because of improved demand in our mandrels and films businesses; sales to European mandrel customers have recovered somewhat and new business activity, based on the provision of technical service, has produced good results. Elsewhere sales have been slightly disappointing, being affected either by prior period overstocking or customer delays in the commencement of many projects affecting start of production dates.

 

Operating profit (before exceptional costs and amortisation) has improved from the 11.5% achieved in H1 2012-13 to 11.9%.  This reflects the operational gearing inherent in the Group and an improved product mix in most of our business areas. The improvement would have been greater but for continued investment in business development activity across the Group. Sustaining good margins remains a priority for all our management teams and demands that the product-service mix that we offer our customers has a genuine competitive advantage.

 

Profits before tax and earnings per share have fallen back relative to the same period last year. However, this is entirely attributable to a one-off gain we made last year when converting Euro debt into sterling. Both profits before tax and earnings per share continue to benefit from reducing interest costs as our debt reduces and from lower tax charges due to the reducing rate of corporation tax and R&D tax credits, which the Group uses to good effect.

 

Debt has reduced by £0.5m. This is less than the recent past, as we have now chosen to invest for future growth, spending approximately £1m in total on:

·    A new line for our films business;

·    The fit out of our machine bearings factory in Shanghai; and

·    New tool-room equipment to improve capabilities and capacity for introducing new bearings projects into production.

 

These are all important initiatives to enable future growth.

 

The Company is pleased to announce that it intends to pay an interim dividend of 1.00p to all shareholders on 30 December 2013 in respect of the period ended 30 September 2013.  The record date for the dividend is 13 December 2013 and the associated ex-dividend date is 11 December 2013.

 

 

New Business

 

New business, which comprises business won minus business lost over the prior twelve months, has contributed 4.8% to sales over the period.  All our businesses are doing well in the area of new business - although we believe they could still do even better. Across the Group the sales and marketing focus is on providing technical solutions to our customers' problems - good examples of this are as follows:

·    In mandrels, development of new material compounds that do not bond to the rubber hose and so allow easy ejection from the rubber hose after use;

·    In creasing matrix, development of a new super-durable matrix which allows cost effective long box runs and also allows hand chamfering of the matrix to aid machine operability; and

·    In bearings, the development of a standard platform for CCTV manufacturers to enable our customers to achieve lower cost design and faster product development/production.

 

Ten new key accounts (customers with annual sales potential exceeding £100,000) have been converted during the first six months of the year, including:

 

·    First production sales of mandrel at Caterpillar in Europe;

·    The first confirmed project for the production of automotive instrument control panel bearings - this is a major new application area for plastic bearings which we believe has high future sales potential.

 

The pipeline of new business remains strong - we estimate that £5.1m of revenues worth of business has been converted from pipeline but is not yet into full production.  The time window for these projects to move into full production volumes is approximately between six months and four years.

 

Operations and Costs

 

Day-to-day operations have run smoothly, with excellent quality performance and good service standards. Our primary operational focus has been on implementing some significant investments in capacity and capability improvement. The most significant has been the installation of a new line for the production of high strength industrial packaging films.  At a cost of £0.75m, this project was completed successfully in September with only a few minor teething problems and we can already see that it will produce excellent results in terms of new film types and formulations.

 

We have also completed the initial phase of setting up a production facility for machined bearings in Shanghai. Most of the bearings we currently produce are injection moulded, which is particularly suitable for high volume, highly engineered bearings.  In developing markets, such as China, requirements are often for lower volumes with faster or lower cost development; which lends itself to machined bearings. In time, we expect customers who purchase machined bearings to start to recognise the benefits of injection moulded bearings and will be encouraged to "trade-up".

 

We are now starting to produce machined bearings in Shanghai, initially for demand we have elsewhere in the world, but shortly we will start production for the Chinese market and plan to gradually develop this market.

 

A substantial investment is also underway to improve our tooling capability in the bearings business.  A critical success factor in converting business is the speed and cost with which we can develop tools to bring injection moulded bearings into production. Doing this requires state-of-the-art tooling machinery and equipment in the right quantity. The investment we are undertaking is designed to enable the Company to reduce the average tooling lead time from 26 weeks to 12 weeks allowing us to more than double the amount of tools we are able to bring into production per year.

 

Acquisitions

 

Post the period we exchanged contracts with the owners of China's leading producer of creasing matrix to buy the company, called Shengli, for approximately £2.2m. Shengli has 30-35% of the Chinese market for creasing matrix and as such is a very attractive target for us.  Together with our current share of the Chinese market we believe this will put us in the number one position in China, as well as giving us the ability to achieve a number of important synergies.  Most importantly, this acquisition will scale up our activities in China significantly and will enable us to establish a management infrastructure in China. This will significantly help to drive growth in this very important developing market. We anticipate that this acquisition will close at the end of the calendar year and will be marginally earnings enhancing in the first year.

 

We continue to work on further acquisition opportunities and are hopeful that we will be able to deliver additional strategic transactions over the next 6-12 months. 

 

Outlook

 

We expect to see a gradual improvement in sales and profitability as the year progresses. We are also confident that new business activity will bring significant benefits in both the near term and longer term.  The acquisition of Shengli should also bring a small contribution for the second half year. Our Board remains confident about the future growth of the Group.

 

 

Faisal Rahmatallah

Executive Chairman. 

 



Plastics Capital plc

Consolidated Income Statement

for the six months ended 30 September 2013

 

 



Before foreign exchange & exceptional items 

Foreign exchange impact on derivative and loans

Exceptional items

Total


Before foreign exchange & exceptional items

Foreign exchange impact on derivatives and loans

Exceptional items

Total



2013

2013

2013

2013


2012

2012

2012

2012


Note

£'000

£'000

£'000

£'000


£'000

£'000

£'000

£'000












Revenue


16,358

-

-

16,358


15,711

-

-

15,711












Cost of sales


(10,237)

13

-

(10,224)


(9,910)

4

-

(9,906)












Gross profit


6,121

13

-

6,134


5,801

4

-

5,805












Distribution expenses


(995)

-

-

(995)


(998)

-

-

(998)












Administration expenses


(3,753)

-

(278)

(4,031)


(3,554)

-

(189)

(3,743)












Other income


11

-

-

11


2

-

-

2












Operating profit


1,384

13

(278)

1,119


1,251

4

(189)

1,066












Financial income

5

4

510

-

514


-

217

-

217












Finance expense

5

(304)

-

-

(304)


(329)

-

-

(329)












Net financing (costs) / income


(300)

510

-

210


(329)

217

-

(112)












Profit before tax


1,084

523

(278)

1,329


922

221

(189)

954












Tax

6

(251)

-

-

(251)


(250)

-

-

(250)












Profit for the period


833

523

(278)

1,078


672

221

(189)

704























Foreign exchange translation differences


(282)

-

-

(282)


(1)

-

-

(1)

 

Total comprehensive income


551

523

(278)

796


671

221

(189)

703























Earnings per share









Basic

8




4.1p





2.6p

Diluted

8




4.1p





2.8p

 

 



Plastics Capital plc

Consolidated Income Statement (continued)

for the year ended 31 March 2013

 

 








Audited

Before foreign exchange & exceptional

items

Audited

Foreign exchange impact on derivatives and loans

Audited

Exceptional items

Audited

Total








2013

2013

2013

2013


Note






£'000

£'000

£'000

£'000












Revenue







31,407

-

-

31,407












Cost of sales







(19,900)

(25)

-

(19,925)












Gross profit







11,507

(25)

-

11,482












Distribution expenses







(1,886)

-

-

(1,886)












Administration expenses







(7,219)

-

(274)

(7,493)












Other income







19

-

-

19












Operating profit







2,421

(25)

(274)

2,122












Financial income

5






2

-

-

2












Finance expense

5






(646)

(338)

-

(984)












Net financing costs







(644)

(338)

-

(982)












Profit before tax







1,777

(363)

(274)

1,140












Tax

6






163

-

-

163












Profit for the period







1,940

(363)

(274)

1,303























Foreign exchange translation differences







175

-

-

175












Total comprehensive income







2,115

-

-

1,478


































Earnings per share









Basic

8









4.9p

Diluted

8









4.9p

 



Plastics Capital plc

Consolidated Balance Sheets

           

 

 

Unaudited

As at

30

September

2013

 

Unaudited

As at

30

September

2012

 

Audited

As at

31

March

2013

 

 

£000

£000

£000

Non-current assets

 

 

 

 

Property, plant and equipment

 

4,665

3,870

4,114

Intangible assets

 

20,061

20,934

20,464

 

 

             

             

             

 

 

24,726

24,804

24,578

 

 

             

             

             

Current assets

 

 

 

 

Inventories

 

3,003

3,043

2,775

Trade and other receivables

 

7,045

6,666

7,143

Other financial assets

 

301

193

-

Cash and cash equivalents

 

3,034

3,297

2,735


 

             

             

             


 

13,383

13,199

12,653

 

 

             

             

             

Total assets

 

38,109

38,003

37,231

 

 

             

             

             

 

 

 

 

 

Current liabilities

 

 

 

 

Interest-bearing loans and borrowings

 

5,432

5,041

5,201

Trade and other payables

 

4,973

4,748

4,578

Other financial liabilities

 

-

-

193

Corporation tax liability

 

563

545

314

 

 

             

             

             

 

 

10,968

10,334

10,286

 

 

             

             

             

Non-current liabilities

 

 

 

 

Interest-bearing loans and borrowings

 

5,669

6,861

5,903

Deferred tax liabilities

 

469

842

469

 

 

             

             

             

 

 

6,138

7,703

6,372

 

 

             

             

             

Total liabilities

 

17,106

18,037

16,658

 

 

             

             

             

Net assets

 

21,003

19,966

20,573

 

 

             

             

             

Equity attributable to equity holders of the parent

 

 

 

 

Share capital

 

275

275

275

Share premium

 

14,098

14,098

14,098

Reverse acquisition reserve

 

2,640

2,640

2,640

Translation reserve

 

329

435

611

Capital redemption reserve

 

(200)

(214)

(200)

Retained earnings

 

3,861

2,732

3,149

 

 

             

             

             

Total equity

 

21,003

19,966

20,573

 

 

             

             

             

 

 

Plastics Capital plc

Consolidated Cash Flow Statements

 

 

Unaudited

Six months

ended

30 September

2013

Unaudited

Six months

ended

30

September

2012

Audited

Year

ended

31

March

2013

 

 

£000

£000

£000

 

 

 

 

 

Profit after tax for the period

 

1,078

704

1,303

Adjustments for:

 

 

 

 

 Income tax adjustment

 

237

250

(163)

 Depreciation, amortisation and impairment

 

1,039

1,035

2,124

 Financial income

 

(514)

(217)

(2)

 Financial expense

 

304

329

984

 Gain on disposal of plant, property and equipment

 

-

-

(7)

 

 

 

 

 

Changes in working capital:

 

 

 

 

 (Increase) / Decrease in trade and other receivables

 

(64)

192

(285)

 (Increase) / Decrease in inventories

 

(228)

91

359

 Increase / (Decrease) in trade and other payables

 

551

(72)

(281)

 

 

             

             

             

Cash generated from operations

 

2,403

2,312

4,032

 

 

 

 

 

Interest paid

 

(222)

(245)

(480)

Income tax paid

 

-

(6)

(195)

 

 

             

             

             

Net cash from operating activities

 

2,181

2,061

3,357

 

 

             

             

             

Cash flows from investing activities

 

 

 

 

Acquisition of property, plant and equipment

 

(1,030)

(183)

(936)

Dividends received

 

12

2

12

Interest received

 

2

-

2

Proceeds from disposal of PPE and investments

 

-

-

7

Development expenditure capitalised

 

(125)

(125)

(248)

 

 

             

             

             

Net cash from investing activities

 

(1,141)

(306)

(1,163)

 

 

             

             

             

Cash flows from financing activities

 

 

 

 

Repayment of borrowings and fees

 

(375)

(824)

(1,643)

Dividends paid

 

(366)

(184)

(366)

 

 

             

             

             

Net cash from financing activities

 

(741)

(1,008)

(2,009)

 

 

             

             

             

Increase in cash and cash equivalents

 

299

747

185

Cash and cash equivalents at 1 April

 

2,735

2,550

2,550

 

 

             

             

             

Cash and cash equivalents at 30 September

and 31 March

 

 

3,034

 

3,297

 

2,735

 

 

             

             

             

Plastics Capital plc

Consolidated statement of changes in equity

 


Share

capital

Share

premium

Translation reserve

Reverse

acquisition

reserve

Capital redemption reserve

Retained

earnings

Total



£000

£000

£000

£000

£000

£000

£000











Balance at 31 March 2012

275

14,098

436

2,640

(214)

2,212

19,447



             

             

             

             

             

             

             


Profit or loss

-

-

(1)

-

-

704

703


Dividends paid

-

-

-

-

-

(184)

(91)



               

               

               

               

             

             

             


Balance at 30 September 2012

275

14,098

435

2,640

(214)

2,732

19,966



             

             

             

             

             

             

            


Profit or loss

-

-

176

-

14

599

789


Dividends paid

-

-

-

-

-

(182)

(182)



             

             

             

             

             

             


Balance at 31 March 2013

275

14,098

611

2,640

(200)

3,149

20,573



             

             

             

             

               

             

             


Profit or loss

-

-

(282)

-

-

1,078

796


Dividends paid

-

-

-

-

-

(366)

(366)



             

             

             

             

             

             

           


Balance at 30 September 2013

275

14,098

329

2,640

(200)

3,861

21,003



             

             

             

             

             

             

           


 

 



1          Basis of preparation and accounting policies

 

Basis of preparation

 

The interim financial information has been prepared on the basis of the recognition and measurement requirements of adopted IFRSs as at 30 September 2013 that are effective (or available for early adoption) as at 31 March 2014.  Based on these adopted IFRSs, the directors have applied the accounting policies, as set out below, which they expect to apply to the annual IFRS financial statements for the year ending 31 March 2014.

 

However, the adopted IFRSs that will be effective (or available for early adoption) in the annual financial statements for the period ending 31 March 2014 are still subject to change and to additional interpretations and therefore cannot be determined with certainty.  Accordingly, the accounting policies for that annual period will be determined finally only when the annual financial statements are prepared for the period ending 31 March 2014.

 

Accounting policies

 

The accounting policies applied to the Interim Results for six months ended 30 September 2013 are consistent with those of the Company's annual accounts for the year ended 31 March 2013.

 

Going concern

 

The Financial Reporting Council issued "Going Concern and Liquidity Risk: Guidance for Directors of UK Companies" in October 2009 and the Directors have considered this when preparing the financial statements.  These have been prepared on a going concern basis and the Directors have taken steps to ensure that they believe the going concern basis of preparation remains appropriate.

 

 



2          Reconciliation of financial highlights table to the consolidated income statement

 



Unaudited

Six months to

30 September

2013

Unaudited

Six months to

30 September

2012

 

 

 

Change



£000

£000

%






Revenue


16,358

15,711

4.1%

Gross profit


6,134

5,805

5.7%

Operating profit


1,119

1,066

5.0%






Add back: Exceptional cost


278

189


Add back: Amortisation


559

559







Operating profit before exceptional costs and amortisation


1,956

1,814

7.8%






Add back: Depreciation


480

476







EBITDA before exceptional costs


2,436

2,290

6.4%






Profit before tax


1,329

954

39.3%






Add back: Amortisation


559

559


Add back: Exceptional costs


278

189


Add back: Capitalised deal fee amortisation


82

75


Add back: Unrealised foreign exchange gain/(loss)


(19)

214


Add back: Unrealised derivative (gain)


(491)

(163)







Profit before tax*


1,738

1,828

-4.9%






Taxation


(251)

(250)







Profit after tax*


1,487

1,578

-5.8%

Basic adjusted EPS*+


5.4p

5.5p

-2.5%

Basic EPS


4.1p

2.6p

57.7%

Capital expenditure


1,030

183

463%

Net Debt


8,067

8,605

-6.3%

* excluding amortisation, exceptional costs, unrealised foreign exchange translation and unrealised derivative gains/losses

+ applying an expected tax charge of 15% and based on the average number of shares in issue in the year

 



3          Operating segment information

 

The following summary describes the operations in each of the Group's reportable segments:

·    Packaging - includes creasing matrix and films

·    Industrial Products - includes hose mandrel and plastic bearings

 


Industrial Products

 

Packaging

Unallocated and reconciling items

 

Total







Unaudited

Six months to

30 September

2013

Unaudited

Six months to

30 September

2013

Unaudited

Six months to

30 September

2013

Unaudited

Six months to

30 September

2013


£000

£000

£000

£000






External sales*

7,795

 8,563

-

16,358

Profit before tax**

495

181

653

1,329

Depreciation and amortisation

343

133

563

1,039


_______

_______

_______

______







 

Unaudited

Six months to

30 September

2012

 

Unaudited

Six months to

30 September

2012

 

Unaudited

Six months to

30 September

2012

 

Unaudited

Six months to

30 September 2012


£000

£000

£000

£000






External sales*

7,234

8,477

-

15,711

Profit / (loss) before tax**

232

396

326

954

Depreciation and amortisation

346

125

564

1,035


_______

_______

_______

_______












Audited

Year to

31 March

2013

Audited

Year to

31 March

2013

Audited

Year to

31 March

2013

Audited

Year to

31 March

2013


£000

£000

£000

£000






External sales*

14,345

17,062

-

31,407

Profit before tax**

762

686

(308)

1,140

Depreciation and amortisation

747

248

1,129

2,124


_______

_______

_______

_______






* All revenue is attributable to external customers, there are no transactions between operating segments

** Profit before tax for unallocated and reconciling items is analysed on Page 14.



 



3          Operating segment information(continued)

 

Reconciliation of reportable segment revenue



 

Unaudited

Six months to 30 September 2013

£000

 

Unaudited

Six months to 30 September 2012

£000

Audited

Year to

31 March

2013

£000

 

Packaging





 

  Packaging consumables


2,779

2,912

5,596

 

  High  strength film packaging


5,784

5,565

11,466

 

Industrial Products





 

  Plastics rotating parts


5,414

5,712

11,243

 

  Hydraulic hose consumables


2,381

1,522

3,102

 



             

             

             

 

Turnover per consolidated income statement

16,358

15,711

31,407

15,711



              

              

              

 

 

 

Reconciliation of reportable segment profit



 

 

Unaudited

Six months to 30 September 2013

£000

 

 

Unaudited

Six months to

30 September 2012

£000

 

 

Audited

Year to

31 March

2013

£000






Total profit for reportable segments


676

628

1,448



            

            

            

Unallocated amounts:





  Amortisation


(559)

(559)

(1,119)

  Unrealised (losses)/gains on derivatives


491

164

(223)

  Management charge income


1,475

1,475

2,950

  FX hedge gain/(loss) on forward contracts


13

4

(25)

  Plastics Capital Trading Ltd and Plastics Capital plc costs


(550)

(547)

(1,171)

  Net interest costs


(199)

(245)

(447)

  Deal fee amortisation


(82)

(75)

(153)

  Exceptional costs


(127)

(11)

(48)

  Other


191

120

(72)



            

            

             

Consolidated profit before income tax

1,329

954

1,140



             

             

               

 

 



4          Exceptional items

 

Administrative Expenses


 

Unaudited

Six months to 30 September 2013

£000

 

Unaudited

Six months to 30 September 2012

£000

Audited

Year to

31 March

2013

£000






Company set up costs


43

-

64

Redundancy & recruitment costs


108

189

210

Acquisition costs


127

-

-



            

            

           


278

189

274



            

            

           

 

 

5          Financial income and expenses

 



 

Unaudited

Six months to

30 September

2013

£000

 

Unaudited

Six months to

30 September

2012

£000

 

Audited

Year to

31 March

2013

£000

Financial income:





 Interest income


2

-

2

 Gains on derivatives used to manage interest rate risk

2

-

-



             

             

             

Financial income


4

-

2



             

             

             

Financial expenses:





 Bank interest


222

245

480

 Amortisation of capitalised deal fees


82

75

153

 Loss on derivatives used to manage interest rate risk

-

9

13



             

             

             

Financial expenses


304

329

646



             

             

             

Financial income and expenses included within foreign exchange:



 Net foreign exchange gains / (losses)


19

44

(128)

 Unrealised gains / (losses) on derivatives used to manage foreign exchange risk

491

173

(210)



             

             

             

Exceptional items


510

217

(338)



             

             

             

 

The net foreign exchange gain represents unrealized and realized gains arising on the translation of foreign currency loans back into Sterling.

 



 

6          Taxation

 

The taxation charge is calculated by applying the Directors' best estimate of the annual tax rate for the profit for the period.

 

 

7          Dividends

 

The Directors recommend the payment of an interim dividend of 1p per share (30 September 2012: 0.66p).

 

 

8          Earnings per share

 


Unaudited

Six months to

30 September

2013

Unaudited

Six months to

30 September

2012

Audited

Year to

31 March

2013


£000

£000

£000

Numerator




Profit for the period

1,078

704

1,303





Denominator




Weighted average number of shares used in basic EPS

26,620,877

27,542,543

26,649,918

Weighted average number of shares used in diluted EPS

26,620,877

27,642,543

26,649,918









Basic earnings per share (total)

4.1p

2.6p

4.9p

Diluted earnings per share (total)

4.1p

2.6p

4.9p





 

 

9          Accounts

 

Copies of the interim accounts may be obtained from the Company Secretary at the Registered Office of the Company: St Mary's House, 42 Vicarage Crescent, London, SW11 3LD.

 

 

10        Post Balance Sheet Event

 

On 31st October 2013, Plastics Capital plc announced it had conditionally agreed to acquire Beijing Higher Shengli Printing Science and Technology Co., Ltd, a leading Chinese manufacturer of creasing matrix.

 

The acquisition is to be satisfied in cash through the issue of 2,700,000 new Ordinary Shares to new and existing investors in the company to raise £2.7 million at a placing price of 100p representing a discount of 8.7% to the closing mid-price on 30 October 2013.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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