Sales ahead at API

STOCKPORT packaging firm API Group said first half sales were up on last year.

The firm, which was put on the market last month, said trading had been encouraging and its interim figures should be in line with management expectations.

In a trading update the business said margins had recovered from the raw material cost pressures experienced in 2011.

Its laminates business has performed ahead of plan and the foils business has continued to improve profits due to improved margins and lower costs. There was a slowdown in orders at the holographics business, which helps companies tackle fraud and counterfeiting by developing holographic logos on packaging.

The group added: “In common with many other companies, the group continues to be cautious on demand levels in European markets, however, specific sales opportunities and improvement initiatives mean that the outlook for the  second half year remains positive.”

There was no word on the planned sale.