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Plastics loss hits Heywood Williams

A restructuring at building products firm Heywood Williams saw the firm slip £18.2 million into the red after exceptional items in the six months ended July 3, against a £2.5 million pre-tax profit last year.
During the period the company sold its plastics division Plastic Systems and is now focused on its core building products business.

Discontinued operations incurred a loss of £22.6 million, including an exceptional charge of £18.3 million associated with the write down of Plastic System's assets and £3.1 million of trading losses at the business.

Turnover edged-ahead 2 per cent to £123.7 million from £121.4 million in the same six months last year.

Chief executive Robert Barr said: 'Heywood Williams has a strong balance sheet and market leading, profitable businesses. We will continue to develop our existing operations and seek selective growth opportunities that complement our strategic focus.'

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