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22 Dec 2010 07:00
22 December 2010
PRE CLOSE PERIOD TRADING UPDATE &RENEGOTIATION OF BANKING FACILITIES
Prior to entering the close period ahead of the preliminary results for the year to 31 December 2010, British Polythene Industries PLC has issued an update on current trading.
"Trading remains consistent with that described in our Interim Management Statement of 15 November and we, therefore, expect our results for the year to be within the range of current market expectations.
Raw material costs and availability continue to be an issue and our suppliers are seeking further increases for January.
We have agreed new banking facilities of £70 million to replace our £57.5 million revolving credit facilities which expire in November 2011 and certain short term facilities. Of the new facilities £55 million will expire early in 2015 and the balance will expire in 2014. Our total facilities including asset finance and overdrafts remain in excess of £100 million.
The preliminary results for the year ended 31 December 2010 will be announced on 7 March 2011."
Enquiries:
Cameron McLatchie, Chairman | British Polythene Industries PLC | 01475 501000 |
John Langlands, Chief Executive | British Polythene Industries PLC | 01475 501000 |
Tim Spratt/Nicola Biles | Financial Dynamics | 0207 831 3113 |
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