15th May 2015 06:50
LONDON (Alliance News) - Packaging company Powerflute Oyj on Friday said it anticipates its full-year results coming in significantly ahead of market expectations following a good start to the year in both its Coreboard and Cores and Packaging Papers businesses.
Coreboard and Cores is now expected to post a full-year performance significantly ahead of expectations, with good market conditions in the US and China and volumes and operating margins in both countries ahead of the company's expected levels. Nordic trading remains positive and, though conditions in other European markets have been challenging, the UK, France, Germany and the Netherlands are all performing in line with or slightly ahead of company forecasts.
Packaging Papers also is performing well, Powerflute said, with revenue and margins better year-on-year on the back of good operational performance, positive underlying market conditions and a favourable shift in the dollar against the euro, which is helping selling prices.
As a result of the good performances, the company expects its first half performance to be particularly strong, and now anticipates its full-year results will beat market expectations. According to Morningstar, analysts expect Powerflute to post pretax profit of GBP15.6 million for 2015.
By Sam Unsted; [email protected]; @SamUAtAlliance
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