API bounces back

Packaging materials company API (API) warned in April that investors shouldn't expect much from these results, largely because of a surprise slump in orders from the US metallic pigment industry during the fourth quarter. Underlying pre-tax profit duly fell 5 per cent to £6.3m. But the second half was a belter, with profit up 15 per cent. Crucially, that momentum has spilled over into the current financial year.

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