Stanelco says 2008 has started well

LONDON, April 28 (Reuters) - British maker of biodegradable packaging technology, Stanelco Plc (SEO.L), 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)