Plastics Capital weathers tsunami and floods

Plastics Capital has had “a good year” considering the economic backdrop, that’s according to the company’s executive chairman Faisal Rahmatallah.

“The most attractive number [in the company’s year-end figures] is the reduction of debt,” he continued. Net debt reduced by £2.2m to £10.1m, a trend that Rahmatallah expects to see continue in the coming 12 months.

EBITDA for the year ending 31 March was £5m, down 13% on the previous 12 months but given the state of the global economy the company remains confident in its performance.

“We’re excited by our industrial division,” Rahmatallah told PRW. “It’s being driven by technical developments. Despite the current economic uncertainties, the board believes the group should be able to make good progress over the next year.

“Good new business generation, excellent cash flow and lower interest costs have left revenues and profits broadly unchanged on the prior record year, despite the recessionary environment and the negative revenue impact felt from the Japanese Tsunami and Thai floods.”

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