"The results show an improvement in the performance of the UK business and the continued success of the European business," said John Langlands, BPI's chief executive.
"The UK performance vindicates the tough decisions that have had to be taken over the last few years to re-align capacity with demand and close under-performing operations," he added.
BPI said its European results were translated at a less favourable exchange rate than last year, “but our overall borrowings are being flattered by the quantum denominated in that currency.
“This is a good outcome, achieved in a difficult period, where we have seen significant raw material increases and poor volumes from certain sectors and a lower contribution in sterling from Europe.”
The group said that despite recent increases raw material prices had peaked across the Continent and it anticipated a “slight easing” in the coming months.
BPI said it had been passing the increases on to customers and the “inevitable lag in the process is having a short-term effect on our margins”.
Looking ahead Langlands said: “We have no reason to change our view that we anticipate a further satisfactory year in 2012.”
