We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Plantic Tech. | LSE:PLNT | London | Ordinary Share | AU0000XINEG8 | ORD NPV (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 7.75 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMPLNT RNS Number : 3533N Plantic Technologies Limited 16 February 2009 16 FEBRUARY 2009 PLANTIC TECHNOLOGIES LIMITED ("Plantic" or "the Company") Unaudited results for year ended 31 December 2008 Healthy cash position, strong customer engagement and improved operational base Plantic (AIM:PLNT), the technology company engaged in the development and commercialisation of a range of environmentally friendly plastics from renewable resources, today provides an update on trading for the year ended 31 December 2008. Plantic's novel polymer manufacturing technology is based on the use of high-amylose corn starch, a material derived from annual harvesting of specialized (hybrid) corn. The unique chemical and film-forming properties of this type of cornstarch allow for development of a range of applications across conventional plastics markets. In addition to being renewably sourced, users can take advantage of excellent end-of-life properties such as biodegradability and compostability. Plantic has several patents covering its technologies, formulations and applications. The Company's objective is to commercialise its plastic technologies across a broad range of applications, with a particular focus on the packaging industry. Its first product, the "Plantic tray" is sold commercially in the UK, Continental Europe, Australia and New Zealand. Injection Moulding resins are sold via DuPont globally excluding Australia and New Zealand. HIGHLIGHTS OF 2008 (unaudited results) * Closing cash position at 31 December 2008 was A$26.4m, net cash outflow reduced to A$4.5m in the second half of 2008 compared to A$7.9m for the same period in 2007, and A$7m in the first half of 2008. * Plantic's unaudited net loss for 2008 was A$9m (2007 A$10.3m), less than market expectations and lower than 2007, boosted by increased sales and favorable changes in exchange rates. The unaudited net loss in the second half of 2008 was $3.4m compared to A$5.8m for the same period in 2007 and A$5.6m in the first half of 2008. * Sales revenue increased to A$3.6m, 145% higher than 2007 (2007: A$1.5m). Second half sales were A$2.8m, 295% higher than the same period in 2007. * Sales volumes (in metric tonnes) increased by 120% for the full year of 2008 compared to 2007. * Sales volumes (in metric tonnes) increased by 170% in the second half of 2008, compared to the same period in 2007, and 120% compared to the first half of 2008. * Plantic's first stage investment in the manufacturing plant in Jena in Germany has been completed on time and budget and has led to increased customer interest in Europe. German government subsidies of approximately A$1m are expected to be received during the course of 2009 as a result of this investment by the company. * Weaker global economic conditions are expected to impact negatively on Plantic in 2009, compared to current market expectations. Whilst Plantic's growth is driven largely by continuing projects with major brand owners, the speed and rate of adoption of Plantic products may be affected by the overall state of the global economy. Plantic's results for 2008 have seen strong sales growth on the back of further stocking orders from DuPont and continued customer adoptions. Marks & Spencer and Sainsbury's adopted Plantic products and projects with major brand owners in the USA and Europe continue to progress. In addition, during 2008 DuPont extended their rigid sheet distribution agreement to include South America and Japan along with North America. This will further expand Plantic's product reach. Plantic's operational performance improved in the second half of 2008. Significant investments were made in new plant and equipment designed to improve the quality of Plantic products and to improve the output and efficiency of the production process. Whilst the commissioning of this new equipment and the resin line impacted negatively on our manufacturing efficiencies and output during the 2nd and 3rd quarters of 2008, the improvements delivered a 300% increase in demonstrated capacity by the final quarter. In addition, Plantic was able to convert its sheet extrusion line into a multipurpose production line making both sheet and resin products. This provides greater manufacturing flexibility in our plant in Australia. Plantic enters 2009 with improved manufacturing processes and product quality. The priority for the current year is to cement these improvements and drive the efficiency gains which will be reflected in reduced cost of sales. The global economic environment has deteriorated significantly. This will inevitably affect Plantic's growth and performance in 2009. However, the Directors remain confident about the long-term prospects for the company and its technology. Plantic's strong cash reserves, improvements in plant capacity in Australia and our new production facilities in Europe provide a platform to continue to develop and improve products during this period of economic downturn. FURTHER INFORMATION: +-------------------------------------+-------------------------------------+ | Plantic Technologies: | | +-------------------------------------+-------------------------------------+ | Brendan Morris, Chief Executive | +61(0)3 9353 7983 | | Officer | | +-------------------------------------+-------------------------------------+ | | | +-------------------------------------+-------------------------------------+ | Nomura Code Securities Limited: | | +-------------------------------------+-------------------------------------+ | Juliet Thompson | +44 (0)20 7776 1204 | +-------------------------------------+-------------------------------------+ | | | +-------------------------------------+-------------------------------------+ | Pelham PR: | | +-------------------------------------+-------------------------------------+ | Archie Berens | +44 (0)207 743 6679 / +44 (0)7802 | | | 442486 | +-------------------------------------+-------------------------------------+ This information is provided by RNS The company news service from the London Stock Exchange END TSTIIFLRFDIRLIA
1 Year Plantic Technologies Chart |
1 Month Plantic Technologies Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions