British Polythene (BPI) - Interim Management Statement RNS Number : 3723Q British Polythene Industries PLC 06 November 2012 6 November 2012 BRITISH POLYTHENE INDUSTRIES PLC INTERIM MANAGEMENT STATEMENT British Polythene Industries PLC issues today the following Interim Management Statement in respect of the period to 6 November 2012. We indicated at the time of our Interim Statement on 27 August that our business was capable of delivering results for the remainder of 2012 similar to 2011. The outcome for the third quarter met our expectations. The volume shortfall that we experienced in the first six months was not as pronounced in the third quarter when volumes were less than 1% behind 2011 due to better sales of silage stretchwrap which has benefited from good growing conditions in the third quarter. We indicated that the polymer suppliers had imposed dramatic increases for August and further increases were subsequently applied in September. This moved the European price well above global levels and we started to detect erosion in polymer prices in October which has continued in November. However, the net result is an increase in price from the summer, leaving the European price still well above prices available in the Far East. Business is far from easy, but the Group has taken a number of difficult decisions over the last few years, and this puts us in a good position to withstand the current economic conditions. With two-thirds of our business focused on agriculture and the retail food chain, we are well placed to continue delivering sound results. We continue to expect our performance for the year to be in line with 2011. Cameron McLatchie Chairman Enquiries: Cameron McLatchie 01475 501000 Chairman John Langlands Chief Executive 01475 501000 Charlie Palmer/Clare Thomas FTI Consulting 0207 831 3113 This information is provided by RNS The company news service from the London Stock Exchange END IMSQELFBLFFZFBE -0- Nov/06/2012 07:00 GMT
British Polythene BPI Interim Management Statement
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