RPC Group PLC Pre Close Trading Statement (1288L)
29 September 2016 - 4:00PM
UK Regulatory
TIDMRPC
RNS Number : 1288L
RPC Group PLC
29 September 2016
29 September 2016
RPC Group Plc
Pre Close Trading Statement
RPC Group Plc ("RPC" or "Group"), the international plastic
products design and engineering company, today issues a pre close
trading statement for the period 1 April 2016 to 30 September 2016
("first half" or "period"), ahead of its first half results
announcement due to be published on 30 November 2016.
Trading performance
Revenues in the first half are projected to be significantly
ahead of the same period last year, benefiting from the
contribution of acquisitions and continued organic growth. The
adjusted operating profit for the first half is also anticipated to
be significantly ahead of last year due to organic growth,
realisation of synergies, the part reversal of last year's polymer
price headwind and a foreign exchange translation benefit.
The organisational integration of GCS has been completed and its
overall trading performance is ahead of previous expectations. The
acquisition of British Polythene Industries ("BPI") was completed
in August and has been integrated into RPC as a sixth stand-alone
division. Initial trading has been encouraging. The overall
acquisition related cost synergies (steady state EUR80m related to
Promens / GCS and GBP10m for BPI) are currently being reviewed to
assess potential further upside.
The Group's financial position remains strong, with good cash
flow development in the first half and it has significant headroom
under its debt facilities.
Commenting on the first half performance, Pim Vervaat, RPC's
Chief Executive, said:
"Our first half performance has been encouraging. We are
delighted with our acquisition of BPI and we can see real potential
for this business as part of the Group. Looking forward, further
opportunities to grow and enhance RPC's overall position are
actively being pursued in line with our Vision 2020 strategy."
For further information:
RPC Group Plc 01933 410064 FTI Consulting 020 3727 1340
Pim Vervaat, Chief Executive Richard Mountain
Simon Kesterton, Group Finance Nick Hasell
Director
This information is provided by RNS
The company news service from the London Stock Exchange
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