Api Share Price (API)

The firm was keen to stress that its results for the current financial year (ending March 31st) will demonstrate substantial year-on-year improvement, due to "excellent" progress at Foils Americas, Foils Europe and Laminates. However, it admitted the outlook for both Holographics and Laminates is now "less than favourable", saying that within the latter the favourable impact on volumes for next year will be mitigated by some recent losses on other supply positions. "The board remains confident that the group will make further progress in the year ahead," it said.

Shares in API Group tumbled on Wednesday after the company reported that its full year results are likely to be marginally below previous management expectations, which came as a double blow as the group announced has opted not to go ahead with the anticipated sale of the company. The drop in full year results is primarily a result of a continued weak performance in the Holographics division. The company revealed it had concluded that a sale of the group at this time as it is "unlikely to gain sufficient recognition for the underlying value of the business or to deliver best value for shareholders", and as a result, it has "decided to terminate the formal sale process with immediate effect". In a statement API said: "The board remains focused on maximising shareholder value and committed to maintaining an open dialogue with shareholders about how best that can be achieved."

API Group: Numis shifts target price from 70p to 67p downgrading to hold.

Specialist packaging company API Group has issued a trading update relating to its formal sale process, addressing recent share price movement. The company said that interested parties had been provided with access to management and due diligence information about API, but it acknowledged that to date indicative proposals had been below the closing mid-market price of API shares of 90p. A statement from the company read: "The board wishes to emphasize that there can be no certainty that any formal offer will be made for the company, or even proposed, or as to the level of any proposal or offer that may be made." "The board reserves the right to alter any aspect of the formal sale process or to terminate it at any time and in such cases will make an announcement as appropriate. The board also reserves the right to reject any approach or terminate discussions with any interested party or participant at any time."

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Looking ahead, Turner added: "Despite challenging economic conditions, the board's expectations for the full year remain substantially unchanged, with management's primary focus on the conversion of a number of specific sales opportunities, as well as the successful execution of key capital expenditure projects designed to enhance our product and service offering to customers."