BPI.L Regulatory News (BPI)

8 May 2014

BRITISH POLYTHENE INDUSTRIES PLC

AGM & INTERIM MANAGEMENT STATEMENT 

British Polythene Industries PLC ("BPI") is issuing its Interim Management Statement for the period from 1 January 2014 to date, ahead of its Annual General Meeting to be held today in Greenock at 12 noon.

The year has started well, but the wet weather in the UK has delayed demand for agricultural films. Year-on-year, underlying volumes are similar after four months, but we anticipate some advance on the previous year as delayed orders for agricultural film are despatched.

Raw material prices increased at the start of the year, but have eroded slightly since then. We continue to see a significant disparity between raw material prices in Western Europe and North America with lower prices more readily available to film producers in the Far East.

We have agreed new banking facilities of £70 million, on more favourable terms, to replace our existing revolving credit facilities and certain short term facilities. The new facilities comprise 5 year revolving credit facilities and will expire in 2019. Our total facilities including overdrafts will be in excess of £85 million, compared to our current facilities of £75 million.‎ 

We have no reason to change our view that we anticipate a further satisfactory performance in 2014.

Cameron McLatchie

Enquiries:

Cameron McLatchie 01475 501000

Chairman

John Langlands 01475 501000

Chief Executive

Charlie Palmer 0207 831 3113

FTI Consulting