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British Polythene sees first half below last year

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Date: Thursday 08 May 2008

LONDON (ShareCast) - Plastics group British Polythene said the first half of the current year will be somewhat behind the same period last year.

“We have previously indicated that for many parts of our Group, 2008 was expected to be a challenging year and we currently anticipate that, whilst we will have a steadier performance in the second quarter, the result for the first six months will remain somewhat behind the same period for 2007,” it said.

Pre-tax profit for the first quarter was below the same period last year, as the group was affected by the lag in passing on raw material cost increases by increases in energy costs.

Although raw material costs have stopped rising in mainland Western Europe, its UK plants have had to accept increases as sterling continued to weaken against the euro.

“We do have concerns over the projected increase in the costs of electricity and gas for the summer months, when we usually benefit from a seasonal reduction,” said the group.

Last week, British Polythene announced it had begun consultation with employees at its Buckhurst Hill site in Essex, which it is looking to close down.

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