Chief executive John Langlands has admitted to eyeing up a number of targets: "Market conditions are making it difficult for some of our competitors," he said. "Clearly that's going to open up opportunities for us."

BPI has also announced a 31% increase in first-half profits to 10.1m, with a sales increase to 226m from  189m, after successfully passing the rising cost of raw materials on to its customers with a 20% rise in prices.

"We've done a superb job of passing on the higher costs," said BPI chairman Cameron McLatchie, reflecting on the current record level of oil prices. "Relations have been strained with a couple of customers, but this really is an industry-wide issue."