LONDON (ShareCast) - Shares in biodegradable packaging group Stanelco fell sharply lower after revenues for 2007 were hit by reduced orders from one of its main customers.
Revenues of £8.1m (from £6.7m in 2006) were short of expectations after the French packaging supplier SPhere, reduced its orders from its bioplastic-producing business Biotec. The group reported pre-tax losses of £5m, compared with £15.3m in 2006.
Stanelco said the current year had started well and that it has confidence for the outlook in 2008.
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