Bowler Metcalf, a plastics packaging specialist, has topped up its interim dividend after a strong turnaround in its 43%-owned soft-drink bottling associate, SoftBev. Results released on Wednesday showed SoftBev – bottlers of Jive, Pepsi and Reboost – swung R13m into the black for the six months to end December 2017 after incurring a R20m loss in the corresponding six months in 2016. The market anticipated a better performance from Bowler’s beverages interests with the share price having gained more than 40% after dipping to 720c at the start of February. The extent of the turnaround is, though, somewhat surprising after Bowler impaired its investment in SoftBev by R72m in 2017. The performance from the soft-drink associate – which is likely to be sold shortly and has been classified as a discontinued operation – helped offset challenging trading conditions in the core plastics packaging segment. Turnover in the packing division edged down 3% to R289m with operating profits coming i...
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