04 March 2013 20:11 [Source: ICIS news]
LONDON (ICIS)--Full year 2012 results came in ahead of market expectations, British Polythene Industries (BPI) said on Monday, with operating profits 4.2% higher at £22.5m (€26.1m, $34.0m).
However, 2012 sales were down year on year by 5.7% to £479m, and net profit fell by 6.8% to £13.8m in a challenging operating environment, the plastics processor said.
The company’s total volume sales for the year were 262,400 tonnes, down from 273,200 tonnes with most of the reduction coming in the second half, mainly due to continuing reduction in product thickness and the use of higher performance materials.
BPI said it had coped with volatile polymer prices throughout the year.
Cash generation in 2012 was strong, the UK-headquartered firm added, and net borrowings had been cut by almost £8m to £23.2m.
“We have seen an improving trend in the returns from our UK business as well as a continued strong performance from our European business,” BPI chairman Cameron McLatchie said.
“The prospects for 2013 look equally good, and with the current capital investment targeting resilient and sustainable markets, prospects for growth in 2014 and beyond are now clear,” he added.
($1 = €0.77)
(€1 = £0.86)
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