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BPI half year figures solid despite materials price hikes

BPI half year figures solid despite materials price hikes

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Industry News
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Release time:
2010/09/01 09:49
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  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.

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