Powerflute Oyj (AIM:POWR) - decent results after a big year for the packaging papers business
The Finnish based packaging business has issued positive results for the year ending 31st December 2014. With a material acquisition completed at year end the business looks well placed to move up a gear in 2015.
Overall Group revenues excluding non-recurring increased 16% to €150.1m and earnings per share on the same measure increased 17% to 3.8 cents per share. Results were impacted by a significant acquisition completed in December. On a like for like basis revenues from Packaging Papers increased 4% to €134.4m and operating profit increased 7% to €13.0m. Management commented how Packaging Papers has made an encouraging start to the year, with a good operational performance backed by favourable market conditions and exchange rates, resulting in earnings growth compared with the same period of the prior year. The new Coreboard and Cores segment…