Materials
Plantic sales volumes rocket 90% following packaging drivestevenkiernan, 4 September 2007Be the first to comment on this article Plantic Technologies, the Australian developer of plastics made from renewable resources, has said sales volumes rose by 90% in the first half of 2006 as it made inroads in the packaging market.
Brand owner evaluation of its first flexible packaging films also started in the first six months of the year, and Plantic has appointed a European manager based in Frankfurt to drive further growth. The firm, which raised £20m when it floated on the Alternative Investment Market in May, said a "significant reduction" in its government funding had caused revenue to fall 11% from £486,000 (AUS$1.19m) to £434,000 for the six months to 30 June. Its loss before tax and finance costs increased by almost a third, to £1.62m, due to higher research and development spending. However, product revenue grew by almost a third to £317,000 as it changed its strategy in Australia from selling finished packaging to selling materials to third-party packaging converters. Plantic still has £18.8m in cash reserves. Its share price rose by more than 4% this morning to 68p following the results. However, it has been in gradual decline since it peaked at 82p in late May. Speak Your Mind |
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