News

Polymer Logistics, the provider of retail ready packaging, has reported a pre-tax loss of EUR1.9m (£1.5m) for the six months to 30 June, compared with a profit of EUR692,000 in 2007.

The company recorded a 79% increase in revenue to €21m in the first half of the year following the consolidation of new operations in the US, Italy and Israel.

Its earnings before income tax depreciation and amortisation rose to €2.8m in the period, compared with €2.7m in 2007.

Zvi Yemini, Polymer Logistics chairman, said: "We are starting to feel some softness in the markets in which we operate, especially in the UK where capital expenditure is being held back.

"Whilst we expect revenues and profitability from our pool business to be inline with market expectations, the economic slow-down combined with increases in raw materials and transport prices has negatively impacted our sales revenue and overall profitability."

Polymer Logistics is based in the Netherlands and has subsidiaries in the UK, Israel, Italy and a branch office in Spain.