British Vita reports 'robust' Q1 despite tough conditions

LONDON (CNI)--Polymer technology specialist British Vita reported on Wednesday a 'robust' first quarter performance in line with expectations.

 

It said overall volumes have been maintained across most markets despite the negative impact on customer confidence of current economic and political conditions. No actual profit or sales figures were disclosed, however.

 

The relatively upbeat message was delivered at British Vita's annual general meeting (AGM) by chairman Jim Mercer who said difficult global economic conditions in 2002 had been overcome through continuing efficiency savings and the management of volatile raw material markets.

 

"The outlook for 2003 poses similar challenges which we are determined to manage as effectively," he added.

 

Mercer said British Vita's share buyback programme, which began in May 2002, has returned £48m ($75m/Euro70m) through the cancellation of 20.2m shares (9% of the issued capital). 

 

He confirmed that British Vita planned to continue buying its own shares following authorisation at the AGM of plans to buy a further 10% of stock, or 20.9m shares this year. 

 

The stock repurchase programme was launched to return money to shareholders gained from the sale of British Vita's stake in US thermoplastic materials and specialty compounds producer Spartech.