Cookson issues Q2 trading update

Cookson Group plc has announced it is issuing a second quarter trading update in advance of the release of its Interim Results for the first half of 2003. In the update provided at Cookson’s Annual General Meeting on 24 April, it was stated that the Group’s trading environment in the second quarter of 2003 was expected to remain essentially unchanged from the first quarter. However, it was noted that the impact of the situation in Iraq and from SARS was uncertain and, furthermore, that activity in the Precious Metals division had fallen sharply in March. The April update also indicated that sales and operating profit for the Group’s continuing operations for the second quarter would improve over the first quarter of 2003. Group sales for continuing operations in the second quarter of 2003 were 1% higher than the first quarter, though 3% lower than the same period last year. Operating profit is also set to increase in the second quarter over the first quarter of 2003, although preliminary indications are that this profit increase would have been some £7 million higher had it not been for the same one-off impacts. Group operating profit for continuing operations and Group pre-tax profit for the first half of 2003 are expected to be well above the first half of last year. Cookson will announce its Interim Results for the six months ended 30 June 2003 on Tuesday 29 July 2003. A conference call for shareholders and analysts will be held at 4:00pm on Thursday 3 July. The call will be broadcast live on www.cooksongroup .co.ukSource: PCBnewsline