Plastics Capital (PLA)

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Plastics Capital PLA Logo

The niche plastics products group.

2-Oct-2017

Trading Update For The Financial Year To Date (the 6 months since 31 March 2017) – “In-line with market expectations” and a year of good progress is anticipated. There does seem to be some caution here though.

This company seems OK on the face of it except for that Net Debt of £16.3m (35% or so of Mkt Cap). The SCVR guys and other Stockopedia members have also flagged issues (most recently here).

6-Dec-2017 – 126p – £48.7m – PER 9.90

Interim Results For The 6 Months To End September 2017 – Revenue up 31.3% to £36.46m, PBT down 27% to £1.19m and the Dividend has been passed (1.46p per share last time). Looks like expectations for the full year will also be “marginally below consensus market expectations”.

Looks OK but rising Revenue and falling Profits, a passed Dividend and a full year warning. There’s also Net Debt of £15m (30%+ or so of Mkt Cap) so it remains on my Avoid list.

2-May-2018 – 117p – £45.6m – PER 9.87

Trading Update For The 12 Months To End March 2018 – Broadly in-line.

This remains on my Avoid list mainly because of that Net Debt.

2-Jul-2018 – 110.5p – £43.1m – PER 9.57

Final Results For The 12 Months To End March 2018 – Revenue up 16.6% to £76.7m with Adjusted PBT down -3.7% to £4.18m and Adjusted EPS down -17.4% to 9.5p. Expecting another year of progress (Revenue growth?).

Rising Revenue, falling PBT and EPS, no Dividend and with Net Debt of £15m (30%+ or so of Mkt Cap and 3x greater than PBT) – This remains on my Avoid list for now.

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