Shares in rigid plastic packaging manufacturer RPC (RPC) slumped 10 per cent as it said full-year numbers would miss market expectations after it experienced a tough final quarter caused by rising polymer prices and weak trading.
There was little cheer in the outlook, either, as management said flat economic growth forecasts in Europe would translate into limited organic growth for RPC. This led broker Panmure Gordon to cut current-year forecasts for adjusted pre-tax profits from £83.5m to £77m, giving EPS of 34.9p. It also cut 2014 forecasts from £90.1m to £79.0m, giving EPS of 35.8p. At 400p the shares are now valued at 11 times this year's forecats.