News Column

RPC Group Trading In Line; Revenues, Adjusted Operating Profit Up

July 16, 2014

Anthony Tshibangu

LONDON (Alliance News) - Plastics packaging business RPC Group PLC Wednesday said trading in the period April 1 to June 30 was in line with management's expectations, with both revenues and adjusted operating profit, before exceptional items, ahead of last year.

RPC, which Wednesday held its general annual meeting, said the appreciation of the pound versus both the euro and the US dollar had an adverse translation impact on the adjusted operating profit in the period as a significant proportion of its revenues are in these currencies.

In an interim management statement, the company said activity levels were slightly above the prior year on a like-for-like basis, while the ACE businesses in China performed well. In June RPC completed the acquisition of Hong Kong-based injection mould company ACE Corporation Holdings Ltd in a deal which could be worth up to USD430 million. RPC said ACE's integration is progressing well.

Financially, the group said it remains in a "robust" position, with satisfactory cash development in the quarter. RPC said it also retains significant headroom under its debt facilities.

RPC Group shares were quoted down 4.5% at 19.10 pence Wednesday afternoon.

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Source: Alliance News

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