API to beat full-year targets

STOCKPORT-based packaging firm API Group expects its full-year results to beat expectations thanks to a strong performance in its laminates division.

In a trading update for the year to March 31 the firm said sales at the division were ahead of target in the second half.

Its foils business was in line with expectations, although margins were under pressure from increasing raw material costs. API said cashflow was strong and it expects to report an £8.5m fall in net debt to £10m.

“As the group enters the new financial year, the high level of activity in laminates is being sustained whilst the outlook in foils is improving as raw material costs stabilise and margins start to recover as a result of the action already taken on pricing,” said the company.

The firm expects to announce full-year figures on June 9.