H1 trading performance
Revenues generated by continuing operations in the first half of the year are £1.9bn, ahead of the corresponding period last year, including organic growth of c3%.
The Group's margins and operating profitability levels generated by continuing operations (before and after adjusting items) remain in line with management expectations. Polymer price changes remain subject to pass-through mechanisms albeit after a time lag and these have resulted in a headwind for the period.
The Group's financial position remains strong, with good cash flow development in the first half, and it has significant headroom under its debt facilities.
Portfolio management
The previously-announced disposal of the Letica Foodservice Business to Graphic Packaging International has now been completed. Progress is also being made in the disposal of the other businesses identified as non-core.
The acquisition of PLASgran Limited was completed in August with the Group's customer proposition benefiting from having an in-house supplier of both rigid and flexible recycled materials as these are increasingly sought after by customers.
About RPC Group:
RPC is a leading plastic products design and engineering company for packaging and selected non-packaging markets, with over 32 innovation centres and 191 operations in over 34 countries, and employs more than 24,000 people. The Group develops and manufactures a diverse range of products for a wide variety of customers, including many household names, and enjoys strong market positions in many of the end-markets it serves and the geographical areas in which it operates. It uses a wide range of polymer conversion technologies in both rigid and flexible plastics manufacture, and is now one of the largest plastic converters in Europe, combining the development of innovative packaging and technical solutions for its customers with good levels of service and support.