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Plastics Capital Plc - Reaction to the Interim Results

Written by Ed Stacey

Plastics Capital Plc (LON: PLA) reported interim results (H1 end Sep 2017) on Wednesday 6th. These show positive progress on new business wins, reflected in the H1 organic revenue growth of 13.5%, and an increased pipeline of new business (see chart p2).

At the same time the company guided to a less favourable margin mix for FY Mar 2018, with some projects delayed in the Bearings business, and more of the FY revenue to come from the lower margin Films business.

We believe that the business pipeline supports solid prospective earnings growth in the coming years. The shares remain attractively value on P/E multiples (see below) or on other metrics.

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