Bad times have hit the beleaguered packaging firm API, which totted up exceptional charges of £14.6m (£1.5m) in the year to September. Although group sales increased to £188.8m (£176.7m), the group incurred a pre-tax loss of £4.1m (£15.9m profit). Difficult trading conditions and pricing pressures - due to the strength of the sterling and the rising cost of raw materials - drove the company down, and forced out Michael Smith, the chief executive, in July. But API is hoping restructuring and rationalisation will lift it from the doldrums - at a cost. The £14.6m of exceptional costs, of which £12.1m related to the restructuring of a number of the group's businesses, included the possibility of a sale to a financial buyer (£0.7m). £9.7m related to the loss-making metallised paper operations and operations at the site at Lyme Green in Macclesfield will cease in December and transfer to the Caerphilly site. The hot stamping foil operations are also being moved from Salford to Livingston in Scotland and the foils and laminates division is closing its site at Rochdale and integrating into the Poynton site near Macclesfield in May. This is earmarked to cost a further £3m but at the same time it is expected to produce annualised benefits of £5m. Behind these movements is Moger Woolley, who is acting as executive chairman, until a new chief executive is appointed in January.