LONDON (Alliance News) - British Polythene Industries PLC Monday reported higher pretax profit in 2014 despite lower revenue, which the company attributed to a better performance in its UK business and lower-than-expected spending.
The polythene products manufacturer said its pretax profit rose to GBP22.2 million last year, from GBP18.5 million in 2013, despite a fall in revenue to GBP499 million from GBP508 million. Profit was given a boost by lower-than-anticipated spending by the company over the year, down to GBP16.6 million from GBP19.7 million in 2013 and compared with an expected spend of GBP20 million.
The company said the improvement in profit was also down to a significantly stronger performance in its UK business, which was offset by issues in North America. It said it European business performed well, but the result was impacted by a weaker euro.
British Polythene said it would hike its final dividend to 11 pence per share from 10 pence per share, making its total dividend for the year 16 pence per share against 14.5 pence in 2013.
"I am pleased to report that our results have shown an increase for a sixth consecutive year. We anticipate a much better year in North America, continued progress in the UK, and another good performance in Europe and we look forward to the remainder of 2015 with confidence," said British Polythene Chairman Cameron McLatchie.
British Polythene shares were up 0.1% to 695.3 pence on Monday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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