Salford's API shares pull up socks
Packaging company API Group is back in profit this week, releasing a press notice that demand for new products is buoyant, and releasing figures showing their pre-tax profit for the first half of the year is up to £700,000.
Shares in the packaging firm, which has a factory in Salford and their main offices in Poynton, Cheshire, jumped by more than 40 per cent at the news, although CEO Andrew Turner was downbeat about the long-term impact of the economic downturn.In the same period last year, API incurred losses before one-off items of £1.2m. Revenues during the six months to September 30 were up seven per cent at £50.5m. However, the sales did include a £4.1 million property deal in Shanghai, China.
The company's shares surged 41 per cent to 7.75p yesterday and a further 3.23 per cent today to 8p.
API, which employs 100 in Salford and a further 130 staff at Poynton said its recyclable laminate packaging, called Portabio, had enjoyed strong demand, including a bumper order for the sleeves for the new DVD of the hit Disney film Wall-E.
Portabio is manufactured from corn starch and is biodegradable. Other projects using holographic film for tobacco cartons and perfumes contributed to API's sales boost.
Today, shares were holding steady around the 7.1p mark.
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