RPC Group Plc, Europe's leading supplier of rigid plastic packaging, announces today its half year results for the six months ended 30 September 2013.
Key highlights:
Revenues grew by 8.5% to £525m (2012: £484m) with sales measured in polymer tonnes converted up by more than 2%;
Adjusted EBITDA at £70.8m (2012: £70.7m);
Adjusted operating profit at £46.6m (2012: £47.0m);
Adjusted EPS at 18.2p (2012: 18.4p);
Strong cash flow performance with net cash generated from operating activities at £51.2m (2012: £31.2m);
ROCE for the period improved to 20.0% (2012: 19.7%) and RONOA at 23.2% (2012: 22.9%);
Interim dividend of 4.5p (2012: 4.3p).
The final phase of the Fitter for the Future programme has been initiated, aiming to enhance steady state operating profit by £7m whilst anticipated to be cash neutral;
Vision 2020: Focused Growth Strategy launched.
Commenting on the results, Pim Vervaat, Chief Executive, said:
'The Group delivered a good set of results, in line with our expectations, against a difficult economic backdrop. The Vision 2020: Focused Growth Strategy we announced this month builds on the Group's current strong market positions and innovation capabilities and aims to deliver profitable growth going forward. In this regard, we continue to invest to capture this growth and in the second half of the year this investment will increase due to several major contract wins and the planned expansion in the USA. Looking ahead, the Group is well placed to benefit from an economic recovery in Europe and the second half of the financial year has started well.'
