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 01475 501000
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
IMSQELFBLFFZFBE -0- Nov/06/2012 07:00 GMT
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