Filtrona Plc (FLTR), a U.K. maker of cigarette filters, said full-year profit advanced 9.2 percent on increased U.S. and European sales of plastic products used in everything from packaging to security tags.
Net income rose to 34.5 million pounds ($68 million), or 15.6 pence a share, from 31.6 million pounds, or 14.4 pence, a year earlier, the Milton Keynes, England-based company said today by e-mail. Sales rose 6 percent to 544.2 million pounds.
``Filtrona expects 2007 to be a year of further good underlying progress,'' Chairman Jeff Harris said in the statement. ``In Plastic Technologies, the combination of strong market positions and the expected favorable trading conditions give the company confidence in continued positive progress.''
Filtrona boosted its marketing budget and introduced new products to raise earnings at a plastics division that provides tear-tape used in CD wrappers and supplies trim for Boeing 777 airliners. Higher costs for polymers, which are used to make plastic, were recovered through price rises.
Shares of Filtrona, which was spun off from packaging company Bunzl Plc in 2005, have declined 10 percent in the past six months, giving a market value of 532 million pounds. That compares with a 14 percent gain in the FTSE 250 Index of middle ranking U.K. companies.
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