News

Plantic Technologies is confident of a "strong" financial performance in 2008, despite predicting "lower than anticipated" revenues for this year.

The Australia-based manufacturer of plastics from renewable resources is looking to expand the use of its polymer sheet from confectionery and bakery packaging to include display work, such as blister packs, and non-food consumer goods.

It expects to have the material ready for commercial release by April.

Plantic said it had made "impressive progress" over the past year, particularly through working agreements with packaging manufacturers Amcor and Bemis, as well as polymer producer DuPont.

Marks & Spencer has also adopted a biodegradeable tray from Plantic for a range of Swiss chocolates.

Chief executive Grant Dow said the agreements represented "a significant endorsement" of the company's technology and the "increasing relevance" of biopolymers to the consumer.

However, Plantic's share price has fallen steadily from 80p to 65p since the start of October, and dropped by 10% to 58p this morning (21 December) following the trading update.