Bowler Metcalf, one of the best-loved small-cap counters on the JSE, has seen a commendable profit performance from its core plastics packaging division spoiled by a sizable impairment on its investment in soft drink bottler SoftBev. On Friday Bowler reported a 5% hike in dividends to 19.32c per share after the plastics packaging operations increased turnover almost 15% and bottom line profits increased by nearly a third to R34m. Bowler CEO Friedel Sass said growth in the packaging division was well spread among all operational plants, with the majority of key projects reaching their production phases. He said the Gauteng plant expansion resulted in regional activity growth of close to 50% compared with the corresponding interim period in 2016. Sass said the increased activity in all packaging plants had prompted a focus on the expansion of facilities. The solid packaging performance was negatively affected by a R70m impairment in Bowler’s significant shareholding in SoftBev. Bowler...
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