Global recovery boosts Plastics Capital sales

27th Jun 2011 15:19

Speciality plastics maker Plastics Capital said it benefited from customers restocking in the global economic recovery as it posted a rise in profits in the year to 31 March.Pre-tax profits rose to £3.59m from £1.79m the previous year on revenues that were up to £33.5m from £26.7m, said the company whose products are used in hoses, gears, packaging and several other applications."The global recovery led to restocking during the year," Plastics Capital said, adding that revenues were also boosted by more sales of higher "value-added" products and that the company passed raw material rises onto customers."Our assessment of global demand growth is that, for the moment, it has paused and growth in our businesses will hinge on new business development," the company said. "We have a good list of target accounts and will be introducing some new products and capabilities in the current year, which we believe will also boost sales."Plastics Capital has four factories in Britain and one in Thailand.