The niche plastics products manufacturer, in its interim results for the six months ended 30 September 2011 also reports strong cash conversion - 70% of EBITDA converted to operating cash flow.

New business wins also continued - with 11 new key accounts won during first half year.

The company made progress with new operations in China, India and Thailand and a bank refinancing completed in July '11 reduced interest costs. Commenting on these results, Faisal Rahmatallah, Executive Chairman, said: "These results reflect progress in a difficult environment. Strong new business successes over the past 18 months have enabled us to maintain revenues, despite underlying demand weakness.

"We have improved value-added margins, allowing us to increase investment in business development activities, particularly in emerging markets. We have also refinanced our bank debt halfway through the period, significantly reducing our interest costs going forward."

At 10:16am: (LON:PLA) share price was +1p at 69p

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