July 2, 2014
Film maker British Polythene Industries plc said it expects stronger first half results for the first half of 2014, despite a setback in North America.
In an updated issued June 2 in advance of announcing its first half sales on Aug. 29, BPI said that the gains would come “despite a loss in our North American operation where there was a delay in the delivery and installation of the replacement for their largest extrusion line.”
Last year, BPI record first half sales of 282.2 million pounds ($483.2 million) and pre-tax profits of 14.1 million pounds ($24.2 million).
BPI’s North American operations, AT Films Inc., are based in Edmonton, Alberta. It specializes in film for the agriculture industry.
Agricultural film markets in the United Kingdom had “proved resilient,” despite a slow start due to a wetter than normal spring, and volumes had seen “modest improvement,” while other products had seen “continued down-gauging.”
BPI said it expected overall first half volumes to be “slightly ahead” of the same period last year.
Raw material input costs had eased “very slightly” in recent months, “but we are currently seeing increases in July, as polymer producers’ feedstock costs have firmed in Western Europe.”