End-of-year results for the group show that operating profits before goodwill amortisation and exceptionals have fallen 25% to 1.7m on turnover which is down 3.8% to 169.5m.
But an overall loss before interest and taxation of 22.1m was reported, including a 14.4m goodwill write-off following the sale of Learoyd Packaging and Morris Plastics in 2003.
Sales in the core foils and laminates business rose 4.8% to 111.8m, with an operating profit of 4.2m.
The firm is now planning to concentrate solely on its core activity after the metallised paper division posted a loss of 2.7m on sales down 13% at 23.0m. Shares slipped 2.5p to 93.5p.
API's board said: "We believe that foils and laminates offer the best route to improved profitability".
API stats show gains but loss maker may go
API has reported improved sales and profits in its core foils and laminate businesses but could be set to offload its loss-making metallised paper division.
