A process for the continuous production of an .epsilon.-caprolactone
polymer characterized by including heating an .epsilon.-caprolactone
under reduced pressure or in an inert gas stream to volatilize the
unreacted .epsilon.-caprolactone from the polymer and cooling the vapor
phase part containing the matter volatilized to thereby recover the
unreacted .epsilon.-caprolactone, wherein the amount of the
.epsilon.-caprolactone to be recovered is regulated to larger than 5
times by weight the amount of caprolactone dimer.