The operating loss before goodwill, amortisation and exceptionals was 872,000 in the six months to 31 March, compared to last years small profit of 283,000 in the same period.

APIs management claims to have made significant progress in refocusing the foils and packaging products group, and chairman David Hudd said that prospects for the second half of the year were encouraging with an improved performance expected.

APIs share price fell by 3.5p to 86.5p on the news.