Date: Wednesday 27 Jun 2012
Plastics Capital, which owns a portfolio of small companies making niche plastic products has revealed falling profits and revenues and announced the departure of a founder shareholder from the board.
The firm has four main subsidiaries: Bell Plastics; BNL; C&T Matrix; and Palagan.
In the 12 months to the end of March, revenues fell 4% to £32m while profit before tax dropped 3% on the prior year to £3.765m.
Unfortunately for the firm, which employs over 300 people, the stock price had fallen 17% by 10:42, indicating the market was troubled by something more than a relatively mild drop in revenue.
Plastics Capital argues it has done well to keep the turnover reduction as low as 4%, with its factory in Thailand hit by floods, and the Japanese tsunami reducing demand in a key market.
The Executive Chairman, Faisal Rahmatallah, said the board expected to “make good progress over the next year."
In a separate and very brief announcement, the firm said non-executive director Arun Nagwaney, a founder shareholder of Plastics Capital, had left the board “owing to other business commitments”.
Safestore, the provider of self storage in the UK and France, revealing a near-£12m pre-tax loss on Wednesday.
Figures for the six months to April 30th, show the company’s property portfolio valuation has been reduced by £24m (or 3.4%) compared to the end of October last year.
Obviously, Safestore has to reflect that loss in the numbers released today, as well as £12m in currency translation losses incurred in moving money from France back to HQ.
Combined, those two effects have lead to a pre-tax loss of £11.8m and a loss per share of 3.31p.
The group’s other metrics look reasonable, one indicator often used by storage firms is revenue per available foot, which has risen 7.6%, while total revenues have climbed 6.4% on the prior year to £48.4m.
The interim dividend has also been boosted 5.7% to 1.85p.
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