Packaging Firm RPC's First-Half Earnings Slip As Costs Rise
British packaging firm RPC Group Plc , the target of a takeover battle, said on Wednesday earnings in the first half of the year slipped 4.5%, hurt by rising costs.
Pretax profit dropped to £154.4 million in the six months ended Sept. 30, from 161.7 million pounds a year earlier.
Revenue was up 7% to £1.89 billion, with organic growth of 3.2%.
"I am pleased with the trading performance over the last six months,” said chief executive Pim Vervaat.
“We achieved good profitable organic growth with a robust cash flow performance whilst investing for future higher added value growth. I am excited by the many opportunities to further develop both organically and through acquisitions.
“With RPC's unique global network of design and engineering centres, the Group is well placed to benefit from the development opportunities driven by globalisation and recent sustainability and e-commerce trends. Looking ahead we continue to target through the cycle organic growth ahead of GDP."
RPC, Europe's biggest plastics packager, this month extended the deadline to Dec. 3 for U.S. private equity firms Apollo Global Management and Bain Capital to make firm takeover bids for the company.