Filtrona like-for-like sales rise

Filtrona, the FTSE 250 supplier of speciality plastic, fibre and foam products, remains one of the stars of the market after reporting growth across all its divisions in the three months to the end of March.

Total sales grew by 21%, or 22% on a constant currency basis. Total like-for-like sales increased by 8% on a constant currency basis.

The protection and finishing division saw like-for-like (LFL) sales up 13% on the same period of 2011; total sales rose 61% boosted by the acquisitions of Reid Supply and Richco.

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Porous technologies gained 3% on the prior year, mainly from an increase in orders from the printer systems unit.

The coated and security products division achieved like-for-like sales growth of 4%, led by packaging solutions in tobacco although there was weakness in the smaller Enitor plastic extrusion business.

Filter products gained 4% or 7% on a constant currencies basis.

In Tuesday's update, Filtrona also announced that it has purchased South Korean outfit Jae Yong, a manufacturer of reservoirs, nibs and tubes for pens. For the year ended December 31st 2011, Jae Yong had gross assets of £1.4m, and Filtrona say the transaction will be immediately earnings enhancing.

Filtrona shares had climbed 1.6% by 08:24. Over the last year the company has grown its value by 38.7%.

BS