- Plastics product manufacturer RPC Group posted a 5% fall in first-half profit, as higher polymer prices weighed on margins and it wrote down the value of businesses held for sale.

Pre-tax profit for the six months through September fell to £154.4m, even as revenue rose 7% to £1.89bn, with 3.2% of it organic growth.

The company declared an interim dividend of 8.1p per share, up 4% on-year.

Having already sold the Letica Foodservice, RPC said progress was being made on the disposal of other sub-scale businesses. They were being held for sale at their expected net realisable value, resulting in an impairment of £37.1m.

'I am pleased with the trading performance over the last six months,' chief executive Pim Vervaat said.

'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.'

'Looking ahead we continue to target through-the-cycle organic growth ahead of GDP.'

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