12th Jan 2010 10:30
TRADING UPDATE &
PROPOSED CLOSURE OF BRAMPTON MANUFACTURING FACILITY
12 January 2010
British Polythene Industries PLC (BPI) is issuing the following Trading Update ahead of its Preliminary Announcement on 1 March 2010 and also announces the proposed closure of its Brampton facility.
Following the Interim Management Statement which was released on 16 November 2009, the Group has continued to make positive progress. As a result, the Board expects that the outcome for 2009 will be at the top end of current market expectations.
Net borrowings as at 31 December were lower than previously expected and remain around similar levels to June 2009.
BPI has also announced today the proposed closure of its manufacturing facility at Brampton in Cumbria with the probable loss of up to 39 jobs. The Brampton facility manufactures polythene film for packaging applications and has been marginal for several years but with a significant deterioration in 2009 due to lower volumes. Production currently undertaken at Brampton will be transferred elsewhere within BPI. Redundancy consultations have commenced with employees and every effort will be made to find alternative employment either within or outside BPI. The estimated closure cost of £0.6 million will be included as restructuring costs in the results for the year to 31 December 2010.
Enquiries:
|
John Langlands, Chief Executive |
British Polythene Industries PLC |
01475 501000 |
|
Tim Spratt/Nicola Biles |
Financial Dynamics |
0207 831 3113 |
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