Plantic to miss targets in '08

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Date: Wednesday 09 Jul 2008

LONDON (ShareCast) - News of higher than expected full year losses and weaker than forecast sales sent biodegradable plastics firm Plantic down to its lowest since the end of February.

The group said a large European brand owner has delayed its order until the next calendar year, upsetting predictions for 2008 volumes, while the strong Aussie dollar will cost the group A$1m.

Despite this, sales are still expected to be “significantly” higher than last year, while total material sold in the first half plus the forward order book for the next six months is more than double that in 2007.

Plantic also reckons current trials with major brand owners on various products in Europe and Asia may result in orders before the year end.

“We believe there is a strong basis for long term growth in sales and profits for this company as increasing numbers of major organisations, not just in the retail sector, are recognising that their own customers want to be able to buy or use products whose packaging can be disposed of in the knowledge that the environment is not being damaged,” it said.

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