Business

Stanelco, the sustainable packaging technology specialist, has reported a 120% growth in revenue to £12.2m for the nine months to 30 September 2008.

In an interim statement it said direct sales of bioplastics increased by 450% in the period.

Direct sales in the third-quarter were up 24% on the second quarter, reaching £1.4m year-to-date, it said.

The company said it has strengthened it BioPlastics division in the UK by recruiting additional senior technical and customer support expertise. It also invested in development and testing equipment in the UK.

Development trials continue to establish pace and laboratory success, with a number of new products having moved to pre-commercial trials with several customers, it added.

It also opened a sales office in the USA.

The company said: "We continue to maintain a strong balance sheet. Our cash position at 30 September was £6.9m, strengthened since the half-year by working capital movements related to stock reduction.

"Our strategy is clear and good progress is being made. We continue to look for compatible and sensible investment opportunities," it added.