BPI.L Regulatory News (BPI)

10 May 2007 12:26

British Polythene Industries PLC10 May 2007 10 May 2007 BRITISH POLYTHENE INDUSTRIES PLC AGM STATEMENT At today's Annual General Meeting of British Polythene Industries PLC, CameronMcLatchie, Chairman, made the following statement: "As I indicated in our Annual Report and Accounts, we made a reasonable start tothe year and also put in place several changes in our UK manufacturingfacilities. Trading continues to be reasonable, although volumes are more sluggish than wewould like. With recent attritional increases in the cost of polymer, we arecurrently expecting the out-turn for the first half, at operating level, to beno better than the first six months of last year, on a pre-exceptional basis. The £1.3 million exceptional costs of the changes in the UK manufacturingfacilities will be largely offset by a gain of £1.1 million, arising from thesale of a redundant property. It is still far too early in the silage season to predict likely sales of silagestretch wrap for the year, but we detect increasing interest globally in thisproduct. The outlook for polymer prices looks as firm now as it did six months ago, withnew capacity for ethylene continuing to be delayed and oil prices remaininghigh. We may have to wait some time for relief from high raw material costs. Cameron McLatchie Enquiries: Cameron McLatchie Chairman 01475 501000 John Langlands Chief Executive 01475 501000 Tim Spratt/Nicola Biles Financial Dynamics 0207 831 3113 This information is provided by RNS The company news service from the London Stock Exchange