Powerflute Oyj, the packaging and paper group recently announced its interim results for the six months ended 30 June 2011. Powerflute is quoted on the AIM market of the
London Stock Exchange (Ticker: POWR) and on First North, the alternative market of the OMX Nordic Exchange Stockholm AB (Ticker POW1V).
Dermot Smurfit, Chairman of Powerflute, commented as follows: "The Group’s results for the six month period reflect continuation of the good progress achieved in the
second half of 2010, resulting in a substantial increase in operating margins, profits and earnings per share compared with the same period of the prior year.
"The disposal of the Graphics Papers business substantially improved the Group’s financial position and is consistent with Powerflute’s strategy to create value for shareholders through the acquisition and restructuring of underperforming paper and packaging assets
"During the first half of 2011, our continuing business activities benefited from favourable market conditions, returns on investments made in 2010 and tight control of costs.
"Despite an increasingly uncertain economic environment, we currently expect market conditions to remain broadly favourable for Packaging Papers for the remainder of the year. Capital investment projects completed during 2010 and the first half of 2011 are expected to yield further benefits during the second half of the year and we remain confident that the Group will continue to perform well."
. We continue to search for further acquisition opportunities in the paper and packaging sectors which match our demanding investment criteria.
