Plastics Capital (LON:PLA) – not as bad as feared; debt marginally higher but cash flow solid
The AIM quoted niche plastics products group issued a ‘mixed’ trading update for the year ending 31st March 2009.
Full year turnover is now anticipated to be not less than £28 million (that’s ahead of initial broker estimates) with underlying profit before tax for the year to 31 March 2009 to be ‘not less than’ £2 million, after a £1m charge for hedging costs in the year due to sterling depreciation against the dollar. The last sponsored research not from 7th April estimated pre-tax of £2.68m and eps of 10p – I assume they forgot to allow for those hedging costs! Net bank debt is expected to be £19 million which appears to be £1m higher than at the…