Half year BPI figures in line with objectives
By Anthony Clark
Posted 28 August 2012
British Polythene Industries (BPI) broadly achieved its goal of maintaining operation profits in the six months to the end of June despite some challenging conditions, especially in the construction sector.
Operating profits were £14.8m compared with £15m for the same period last year while the profit before net restructuring and pensions finance was unchanged at £13.7m.
The continued difficulties that beset the construction sector resulted in a drop in sales of building film slipped 10%. Refuse sack sales, however, were up in the six-moth period.
“This is a pretty solid performance, especially given the continuing volatility of materials prices,” said BPI chief executive John Langlands. “We’ve yet to see any green shoots in construction but we’re continuing to experience strong agricultural sales.”
As a result of this, the company is investing in a five-layer co-extrusion line for silage stretchwarp in Zele, Belgium, and a recycling and washing plant for agricultural film in Rhymney, Gwent.
“As always, the second half is difficult to call at this stage, as in this manufacturing-come-service industry the order visibility is never very long-term,” said BPI chairman Cameron McLatchie. "We are, however, as well-placed as we were at this time last year, and we are confident that the business is capable of delivering a similar result."
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