British Polythene Industries has revealed encouraging half year figures despite raw material price uncertainty. The company reported revenues increased to £260.8m, up from £231.4m in 2009. Profits before tax rose by more than 40% to £13.1m.
“These are good results despite a price rise for materials,” said chief executive John Langlands. “We’ve seen a recovery in volumes and our restructuring is progressing well.
As a result we’re confident about the business.
“Borrowing is down,” he added, “and so is our cost base.”
Langlands said that there were signs of a modest recovery in some markets – including UK construction, albeit from a low base – with European demand for industrial film showing encouraging growth. As a result of this the company will invest some £17m this year on new lines and printing equipment.