3 Jul 2015 07:00
03 July 2015
BRITISH POLYTHENE INDUSTRIES PLC
TRADING UPDATE
Ahead of the Interim Results for the six months to 30 June 2015, to be announced on 28 August 2015, British Polythene Industries PLC ("BPI") is providing an update on current trading.
We indicated at the time of the AGM on 12th May 2015 that volumes were ahead for the first four months of the year. This progress has continued through May.
We currently anticipate that the performance for the first half will be slightly ahead of that achieved in 2014.
With this volume increase, and the recovery in our North American business, we would have expected an even better performance but, as we indicated at the AGM, margins have been compressed in recent months as we pass through unprecedented increases in raw material costs.
It now looks as though the raw material price increases are running out of steam, having reached record levels; well above that currently available in the Far East.
In addition, despite progress in their local currency, the excellent return from our European operations is being affected by the translation into sterling.
Nonetheless, progress in these volatile and difficult trading conditions is a commendable performance, and underpins our confidence in the outcome for 2015.
Enquiries:
Cameron McLatchie, Chairman | British Polythene Industries PLC | 01475 501000 |
John Langlands, Chief Executive | British Polythene Industries PLC | 01475 501000 |
Charlie Palmer/Lucy Delaney | FTI Consulting | 0207 727 1000 |