In results published today (27 August), the Greenock-based polythene manufacturer said that operating profits increased 14% to 16.4m.
Chairman Cameron McLatchie said: "The improvement in operating profits can be attributed to another excellent performance from our European business, a better performance from North America and a slight improvement from the United Kingdom.
"The UK performance would have been better but for increased energy costs and previously reported issues around commissioning a new washing plant for contaminated waste film. Our UK business also suffered from pressure in margins on certain recycled and retail products."
Elsewhere, the firm said sales of agricultural film products, both stretchfilm and wide agricultural film, recovered well after the cold spring.
At the end of April, BPI completed the acquisition of Cheshire-based polyethylene extruder Flexfilm Group for a cash consideration of £5.1m.
It also acquired its subsidiary Jordan Plastics which is located in Northern Ireland and supplies printed film and bags mainly to the food industry. BPI said that this acquisition will strengthen its position in servicing the food sector.
Energy costs
The company's UK operations continued to suffer from increasing energy costs with its "cost per tonne up on 2012 resulting in additional costs of £0.7m".
'Surprising' price hikes
BPI said that in Europe raw materials increased from January to March before falling back in April and May and then increasing in June.
It added: "Prices increased in July with a further increase proposed for August. The average raw material price for Platts LD was slightly higher than 2012. The price increases seemed surprising against a background of lacklustre demand in Europe.
"In North America, significant price increases took place in January and March and prices have remained at these levels since then. These very high prices do not reflect the very low feedstock costs in North America.
"Prices in both Europe and North America remain significantly higher than the Far East."
