Bowler posts solid results on strong demand
Plastic-packaging firm Bowler Metcalf is riding on a wave of strong demand for products in its quality beverage division. It delivered a strong set of interim results for the six months to December.
Revenue rose 22.5 percent to R297 million from R242m in the period and increased earnings 32 percent to R37m from R28m in the period last year.
Newly appointed chief executive Friedel Sass said yesterday that the results reflected signs of recovery in its plastics division and there was a strong demand in its quality beverage division.
“There has been exceptional demand from the informal sector driven by Jive, the main brand in the business,” said Sass.
He said Bowler Metcalf would expand the Gauteng market.
The company said that it was expanding its operation with the installation of a bottling plant in in the province.
The lease for a 7 500m2 operating facility in Boksburg was signed in December, and the company is aggressively pursuing the installation of a high-speed bottling plant, at an anticipated cost of about R32m.
“We are going to employ a substantial amount of people in the plant,” he added.
Yesterday the company also announced a facelift in its management. The changes included the appointment of Sass as group chief executive.
Craig MacGillivray was appointed as an independent non-executive director and current managing director of the company, Michael Brain, was appointed the executive vice-chairman of the company.
Bowler Metcalf’s shares fell 1.16 percent to R8.50 yesterday. – Business Report
Source : www.iol.co.za