Business

Plastics Capital, the plastic products manufacturer, has reported a 119% increase in pre-tax profit to £1.5m for the six months to 30 September.

The company, which acquired film packaging firm Palagan in March, posted a 75% increased in revenue to £15.6m in the period. Its gross profit rose by 48% to £6m.

Plastics Capital has opened a new production facility in Thailand, which was operational for the second half of the year. The project was completed within budget, it added.

Faisal Rahmatallah, executive chairman, said: "These results demonstrate good progress over the last 12 months. We can anticipate further growth from recent initiatives like Thailand, and from our high level of exports, which are benefiting from sterling's recent weakness.

"We are pleased with the success of our acquisition strategy and although completing acquisitions in the current climate is challenging, as conditions improve, we are confident that good opportunities will be available."

Plastics Capital operates in the UK through Bell Plastics, BNI Bearings and Trimlex. It has five factories in Yorkshire, Kent, Northamptonshire, Dorset and Leicestershire.