28th Jan 2016 07:00
28 January 2016
RPC Group
Trading Statement
RPC Group ("RPC Group" or "RPC"), a leading plastic products design and engineering company for packaging and non-packaging markets, today issues a trading statement for the period from 1 October 2015.
Trading performance third quarter 2015/16
Revenues for the Group in the third quarter of the financial year 2015/16 ("the period") increased significantly compared to the same period last year due to continued underlying organic growth and the contribution of acquisitions. The adjusted operating profit for the period was also significantly ahead of last year and in line with management's expectations. The period benefited from the time lag in passing through polymer price variations which partly compensated for the adverse effect of this in the first half of the year.
The Group achieved good cash flow development in the period and retains a robust financial position with significant headroom under its debt facilities.
Vision 2020 strategy
RPC announced the acquisition of Global Closure Systems ("GCS") in December 2015, a leading global manufacturer and provider of closures and dispensing systems, for an enterprise value of €650 million. RPC believes that GCS is an excellent fit with its Vision 2020 objectives and meets RPC's acquisition criteria. The completion of the acquisition is expected in March 2016 with the preparation planning for the integration currently underway.
The realisation of the Promens related synergies continues to progress well.
Pim Vervaat, RPC's Chief Executive, said:
"The Group performance in the quarter has been encouraging. Looking ahead, the addition of the GCS business will be another significant step in realising the Vision 2020 focused growth strategy."
Contacts:
RPC Group Plc 019 3341 0064
Pim Vervaat, Chief Executive
Simon Kesterton, Group Finance Director
FTI Consulting 020 3727 1340
Richard Mountain
Nick Hasell
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