Cookson Group plc Q3 2005 trading update
Nov 04, 2005
Third Quarter Highlights
-- Revenue up 1% (down 2% at constant exchange rates)
-- Trading profit up 16% (up 11% at constant exchange rates)
-- Return on sales increases by 0.9 points to 8.1%
-- 24% increase in headline profit before tax
-- Strong trading profit growth in Ceramics and Electronics divisions
-- Precious Metals division maintained its profitability despite difficult markets
-- Net debt ¬£40m lower than 30 September 2004
Trading profit and headline profit before tax are stated before rationalisation costs, amortisation of intangible assets, profit/(loss) relating to fixed assets and disposal of operations, income from swap close-out and the write-off of prepaid debt-raising fees.
Commenting on the third quarter, Nick Salmon, Cookson's Chief Executive, said "The improving profitability produced in the third quarter and year to date highlights the solid progress we are achieving in implementing the strategic plan announced in January.
With both our Electronics and Ceramics divisions under new leadership, continued cost reduction across the Group, and a focus on newer technology products, we are making significant progress towards the divisional margin targets announced at the start of the year.
Given the market conditions we are experiencing, we continue to expect that overall performance for the full year will be slightly better than that achieved in 2004."