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BPI: Good performance despite challenging conditions

The UK’s leading PE film producer British Polythene Industries (Greenock, Scotland / UK; www.bpipoly.com) has posted a pretax profit of GBP 11.8m (EUR 13.0m) in the year to 31 December 2009. This is an increase of over 200% compared to 2008 (GBP 3.9m) and comes despite a 11.6% fall in sales to GBP 425m.

Operating profit before restructuring costs increased 50% to GBP 19m and net borrowings declined by GBP 23.8m to GBP 52.2m. Volumes in 2009 declined to 275,000 t (305,000 t in 2008), but BPI notes that this figure can be misleading as many packaging customers are specifying thinner and stronger PE films.

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