Bowler Metcalf goes back to what it’s best at
Its canny managers have been shedding excess and buying back shares
Perennially profitable plastics packaging group Bowler Metcalf have – since listing in the late eighties – been cautious allocators of capital.
After the sale of the stake in beverages business SoftBev last year, there would be very few shareholders expecting Bowler to mobilise the cash pile to pursue a slew of acquisitions.
The return of a sumptuous 305c/share to shareholders in the form of a special dividend was widely welcomed. But the move also renewed investor focus on the core plastics packaging operations – which were not only facing some tricky trading conditions but also prolonged industrial action in Gauteng...