Stanelco says 2008 has started well

LONDON, April 28 (Reuters) - British maker of biodegradable packaging technology, Stanelco Plc (SEO.L: Quote, Profile, Research, Stock Buzz), said on Monday its financial year has started well and is in line with expectations.

Its bioplastics division has seen some "encouraging sales traction" in a fast-moving market driven by changing legal and consumer requirements, it said.

The company, which had cash of 7.5 million pounds ($14.79 million) at end-March, expects continued progress in its main businesses, and said it was confident about prospects for further commercialisation and development this year. (Reporting by Hsu Chuang Khoo)