Business

British Polythene Industries (BPI) has reported "satisfactory" results for the first half of the year in the face of rising input costs and challenging market conditions.

Sales growth in continental Europe was not matched in the UK and Ireland, where revenue fell by 3%. Overall turnover dropped by £4m to £226m, and pre-tax profit fell by 4% to £8.8m

BPI said the projected deficit of its pension fund had been reduced by a third, to £22m, compared with the end of 2006, benefiting from the appreciation of assets and the change in long-term interest rates.

Last month, the company announced the £6m ($12m) acquisition of AT Films from Canadian firm AT Plastics as part of its strategy to expand its agricultural and horticultural films business.