Europe's largest plastic bag maker, BPI increased its pre-tax profits three-fold despite a 12% drop in sales. The reason behind this increase was a drop in energy and polymer costs and raw material. The Greenock-based firm stated a pre-tax profit of £11.8 million for 2009, more from £3.9m last year.
Working profits before reformation costs escalated from £12.6m to £19m. This progress came from the decision to close its Stockton site, which relied on the supply of packaging to the manufacture industry. The closure of Stockon may lead to loss of about 160 jobs.
A provisional dividend of 7.5p to beat the 10p boost in income tax for higher earners provides a total for the year of 11p.
Though, a little recovery in demand is expected in 2010.
Chief Executive John Langlands said, “It would be imprudent not to have a sense of caution when looking at the potential outcome for 2010, but, at the same time, we are confident that the group continues to take steps to produce the best results we can in what remains a challenging market”.
Shares in British Polythene Industries closed up 4p at 294p.
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