19th May 2016 08:06
LONDON (Alliance News) - Eurocell PLC on Thursday said it had seen a positive start to the year, in which revenue grew on the back of improved performances from its Profiles and Buildings Plastics divisions, and it appointed a new chief financial officer.
The PVC window, door and roofline products manufacturer said revenue for the first 20 weeks of 2016 was GBP69.8 million, 16% higher than a year earlier, after seeing revenue growth in both its Profiles and Building Plastics divisions.
Eurocell said like-for-like sales in the branch network were ahead by 12% compared to the same period a year earlier, although noted that the market was "very competitive". During the period, seven new branches were opened and Eurocell said it was on track to deliver 15 new sites in the current year as a whole.
Both of its recent acquisitions S&S Plastics Ltd and Vista Panels Ltd are "delivering to expectations", Eurocell said.
The company also noted that conditions in the repair, maintenance and improvement market remained "stable", benefiting from relatively mild weather in January and February. Eurocell said it has seen some movement in resin prices through ethylene increases and said this has had "limited impact to date".
Eurocell said it was appointing Michael Scott as its chief financial officer, effective from September 1.
Scott is currently head of corporate finance at FTSE 250 electricity generator Drax Group PLC, where he has held positions since 2005, including interim group finance director between May 2015 and December 2015.
Eurocell will publish its interim results on August 23.
Shares in Eurocell were up 1.9% at 185.00 pence on Thursday morning.
By Hannah Boland; [email protected]; @Hannaheboland
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