British Polythene Industries expects better 2011 half-year results

12 May 2011 12:18  [Source: ICIS news]

LONDON (ICIS)--British Polythene Industries (BPI) expects its financial results for the first half of 2011 to improve on the same period in 2010, the UK plastics processor said in an interim management statement on Thursday.

BPI said March and April has shown better results than 2010 and, barring unforeseen circumstances, the first half will produce a better figure, at operating level, than for the first six months of last year.

In 2010, BPI’s first-half net profits grew 67% year on year to £10.2m ($16.7m, €11.7m), as sales increased 13% to £260.8m compared with the same period in 2009.

“This encouraging progress is despite continuing pressure from raw material costs, which have now risen to unprecedented levels,” the company said.

“Although we can now see an improved first half, it is far too early to predict any outcome for the second half until summer is well behind us,” BPI added.

($1 = €0.70, €1 = £0.87)

By: Franco Capaldo
+44 (0)20 8652 3214

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