Acquisitive Plastics Capital has lifted annual pre-tax profits 49 per cent to £2.98 million despite lower turnover.
Acquisitive Plastics Capital has lifted annual pre-tax profits 49 per cent to £2.98 million despite lower turnover.
The AIM-quoted company, which supplies proprietary plastic components for making anything from hose mandrels (which put the holes in rubber hoses) to air conditioning, vehicle power steering and post office sorting equipment, saw revenues slide 5.3 per cent to £26.7 million in the year to March.
Executive chairman Faisal Rahmatallah says this masks a volume recovery, though he cites cost cutting and a weak sterling as factors contributing to margin and profits growth at the company, which has shifted significant production to Thailand.
International sales represent 61 per cent of the total for London-headquartered Plastics Capital, which cut bank debt by £2.9 million to £16.1 million last year and is continuing to focus on expansion in China, India, the USA and Brazil.
Rahmatallah declares the board is ‘confident of another year of significant progress’, arguing global economic recovery, new business wins and new product introductions will aid growth for some time to come.
