UK packaging and holograms supplier API has reported a 24% revenue rise from continuing operations to £58.5m in the first half of 2011, compared with the same period last year.

The company said that higher volumes accounted for 15% revenue growth, with the balance coming from higher prices, which recovered from significant raw material price rises.

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API CEO Andrew Turner said that the company remains conscious that the ongoing sovereign debt crisis could affect confidence in its customer base and consumer end-markets but that the group’s improved financial condition leaves it better placed to weather any difficulties that may lie ahead.

For the six-month period ending 30 September 2011, API’s pre-tax profits rose 123% to £2.9m, compared to the same period a year ago.

Operating profits from continuing operations were up 51% to £3.8m while the firm’s gross profit margin fell from 24.3% to 23.6% as it was hit by higher material costs.

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API said price increases had broadly recovered the impact of raw material price rises and volumes had been increased by 15%, though production overheads had only increased by 4%.

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The revenue of its Foils Europe division increased 6% to £15.2m, due to higher selling prices, while in the US it rose 7% to £12.5m.

The Holographics division saw sales growth of 48% to £4.02m, and Laminates revenues rose by 44% to £27.7m.

API also announced that it would not be hit by a exceptional charge for flood damage at its New Jersey manufacturing facility, which was initially estimated to be a £700,000 net loss.