Boost for BPI as polythene manufacturer profits up 17%

Posted on 27 Aug 2013 by The Manufacturer

Greenock-based manufacturer British Polythene Industries has announced pre-tax profits increased by 17% to £14.1m in the six months up to the end of June.

In results published today, the company also confirmed operating profits had increased by 14% to £16.4m, with chairman Cameron McLatchie citing the firm’s European performance as a factor.

Mr McLatchie said: “The improvement in operating profits can be attributed to another excellent performance from our European business, a better performance from North America and a slight improvement from the United Kingdom.

“The UK performance would have been better but for increased energy costs and previously reported issues around commissioning a new washing plant for contaminated waste film. Our UK business also suffered from pressure in margins on certain recycled and retail products,” he added.

The results highlight a productive year for BPI, which completed the acquisition of Cheshire-based polyethylene extruder Flexfilm for £5.1m in April.

It also recently acquired Northern Ireland’s Jordan Plastics, supplier of printed film and bags to the food industry, as a means of strengthening its presence in the sector.