30th Jan 2014 09:55
LONDON (Alliance News) - RPC Group PLC Thursday said its third quarter profits were ahead of the year-earlier period and in line with management expectations as activity levels improved, it cut costs and improved its sales mix towards more profitable products.
The rigid plastic packaging supplier said input prices had remained relatively stable during the three months to end-December.
"The trading and financial performance in the period was encouraging and a number of new projects are being progressed which will lead to further organic growth," Chief Executive Pim Vervaat said in a trading statement.
The company launched a six-year growth plan during the period, and said it had made initial strong progress. It said like-for-like organic growth was up, while it had also made selective acquisitions in Europe while starting the process of establishing a meaningful presence outside Europe.
It bought M&H Plastics and Helioplast in Europe, while its US presence was buoyed by the inclusion of the US unit of M&H Plastics. It said it now has sales of about USD84 million in the US.
RPC Group shares were up 2.3% at 590.4 pence Thursday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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