12 January 2010 12:03 [Source: ICIS news]
LONDON (ICIS news)--British Polythene Industries (BPI) expects its financial results for 2009 to be at the top end of current expectations, the company said on Tuesday, adding, however, that it will close another UK production facility in the face of lower volume demand.
The group had continued to make positive progress since the release of an interim statement in November, it said. Net borrowings on 31 December were lower than previously expected and remained around similar levels to June 2009, it added.
BPI reported a net profit of £6.1m (€6.8m/$9.8m) for the first half of 2009, up from £5.2m for the corresponding period of 2008 and the full-year net result of £2.8m. First-half 2009 sales were £231.4m from a comparable £265.9m. Net borrowing had been reduced to £55m at the end of June 2009 from £76m at the end of December 2008.
BPI has seen volume demand fall and rise again through the downturn and its raw material prices followed suit. It said in November, however, that August, September and October had been better than the same months in 2008.
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BPI earlier had closed other
The company said at the half year that trading overall had remained challenging. The second-half results would, it said, depend heavily on the raw material price cycle and whether Christmas retail spending was up to expectations.
($1 = £0.62/€0.69)
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