Filtrona Plc (FLTR), the U.K. cigarette filter maker spun off from Bunzl Plc last year, said full-year profit rose 3.6 percent after demand increased for its plastics products in Europe and North America.
Net income rose to 31.6 million pounds ($55.4 million), or 14.4 pence a share, from 30.5 million pounds, or 13.9 pence, the Milton Keynes, central England-based company said today in a Regulatory News Service statement. Revenue increased 7.6 percent to 513.7 million pounds.
``These are a very good maiden set of full-year results for Filtrona and reflect the underlying strength of the company's market position within its international niche markets in both plastic and fiber technologies,'' Chief Executive Officer Mark Harper said in the statement.
Filtrona said today the outlook for its markets is favorable. The U.K. company makes filters for British American Tobacco Plc's Kent brand, plastic trim for Boeing 777 airliners and deodorant bottles for Unilever Plc. The company derives about 55 percent of sales from plastics including tear tape and the rest from fiber applications including filters.
Shares of Filtrona have gained 25 percent since its Debut on the London Stock Exchange last June, for a market value of 658 million pounds.
Filtrona booked de-merger costs of 1 million pounds. Bunzl, a U.K. packaging suppler, spun off Filtrona last year to concentrate on packaging and distribution.
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