API forecasts profits bounce
STOCKPORT-based printing and packaging group API said activity and profits are running “significantly ahead” of expectations as it completed the first quarter of its 2010/11 financial year.
The company said that both its laminates business at its headquarters in Poynton and the holographics division in Salford were both performing particularly well.
“Whilst there remains some residual impact from raw material costs on our foils businesses, especially solvents and resins, the Board’s outlook for the full year is now anticipated to be ahead of market forecasts,” the company said in a statement.
Following the announcement, the company’s shares rose by 8p to 36.5p.
Last month finance director Chris Smith told TheBusinessDesk.com that the company’s decision to close its lossmaking factory in China will free up cash for investment in the Salford-based holographics business.
