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RPC, the rigid plastics packaging group, needs to complete its strategic review "as quickly as possible" if it is to reap the full benefits of its participation in industry consolidation.

As the group published its full-year results today (18 June), chairman Peter Williams said there were "unusually large numbers of attractive businesses potentially available at reasonable prices".

Williams said the concerns of some shareholders about RPC's lack of progress, which led to the announcement of the review earlier this month, were "unjustified", and stemmed from "the very difficult trading environment in which RPC has operated for some time".

The continuing unrest had prompted his decision to step down after eight years as chairman, he said, and the review would be "best accomplished by appointing a new set of independent eyes in my role".

RPC's adjusted operating profit rose 6.6% to £40.6m in the year to 31 March, despite a 9% increase in polymer costs, and the group reported record sales of £695.2m, up 7.7% on last year.

However, the group's restructuring and impairment costs increased from £12m to £19.7m due to the closure of its Hereford and Thornaby sites in the UK and the Piaseczno and Laskarzew plants in Poland. Pre-tax profit halved from £18.9m to £9.8m.

Chief executive Ron Marsh said he was "quite pleased" with the results, and that some analysts were "a bit surprised" that RPC had beaten expectations.

However, he warned that RPC would have to continue to pass on rises in raw material costs to customers because some suppliers to RPC aimed to increase their prices irrespective of the levels reported in industry price indexes.

"Up to now we've had the happy situation where both the prices we pay and prices we charge are based on the indexes," he said.

RPC continues to benefit from the popularity of Dolce Gusto and Tassimo coffee capsules, being the sole supplier of both. It is also poised to launch a new dry powder inhalation system for the pharmaceutical market developed with a major player in the field.

However, during the year its Corby site lost the contract to produce plastic containers for Heinz after it decided to move to PET co-injected stretch-blown bottles.

Marsh said the company was working to overcome this by picking up business in the fruit market, particularly for customers in the Mediterranean, East Africa and the Far East.

Marsh said RPC would benefit from the resilience of the food market, which accounts for more than 50% of the products it supplies, in the "uncertain period that lies ahead". The group's second-biggest market, beauty and personal care, continued to "grow strongly", he added, while rigid plastic packaging was growing faster than GDP.

He said there were "many more" acquisition opportunities than ever before, but RPC would continue to focus on building its activities in niches where it already had a presence, rather than in low-value commodity packaging.

In the past financial year, the group has bought three companies: DM Plast, an injection moulder in Slovakia; Raytec, a Netherlands-based injection moulder; and Mob, a French blow moulder.

RPC's share price has increased by 3p to 208p since it published its results this morning.