Business

British Polythene Industries (BPI) has said high raw material costs are likely to continue for 'some time'.

In an AGM statement today, chairman Cameron McLatchie said oil prices remained high and new capacity for ethylene “continues to be delayed”.

McLatchie said BPI’s trading was “reasonable”, although volumes were “more sluggish than we would like”.

A £1.1m gain from property sales would “largely offset” £1.3m in exceptional costs from UK restructuring, he added.

McLatchie also said the group detected “increasing interest globally” in silage stretch wrap, although it was too early in the silage season to predict likely sales for this year.