10th May 2016 11:45
LONDON (Alliance News) - British Polythene Industries PLC on Tuesday said low energy costs and favourable currency moves have helped it perform ahead of its expectations in the first four months of 2016.
The company said polymer prices, which had eased slightly in the first quarter, were starting to firm and said it will pass on lower raw material costs to its customers.
British Polythene also said it told employees at its facility in Sevenoaks in Kent on Tuesday morning that the site will be closed down. Production of the higher-quality films currently handled at Sevenoaks will be moved to a larger, more modern facility at Bromborough on the Wirral.
The company anticipates costs related to the Sevenoaks closure will be around GBP1.0 million.
British Polythene said it remains confident on the outlook for 2016.
Shares in British Polythene were up 6.5% to 740.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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