API beats market expectations

Shares in specialist packaging firm API leapt 25% on Thursday after the company said trading in 2011 would be ahead of market forecasts.The firm said that the first quarter of the financial year had seen activity and profitability levels running significantly ahead of expectations with its laminates and holographics units performing particularly strongly. The group's products are used in a variety of areas, including decorative and security packaging materials for tobacco, drinks, luxury goods, food and consumer products."Whilst there remains some residual impact from raw material costs on our foils businesses, especially solvents and resins, the board's outlook for the full year is now anticipated to be ahead of market forecasts," API said in a statement.It added that in the light of this announcement, it did not expect to provide any further general guidance on the full year outlook at its upcoming AGM on 27th July. Abrdn Property