Cookson announces financial highlights

Cookson has announced a significant improvement in group profits with a £32.6m profit before tax versus £4.1m last year. Activity levels for year to date are said to be above the same period in 2003. Commenting on the Group’s results and current trading, Stephen Howard, Group Chief Executive, said:"Today we report a strong improvement in Cookson’s performance. It is heartening to see that the recovery, for which we have done much to prepare, is now starting to show through in the Group's results. We are, however, not complacent and believe there is room for further improvement. Our major businesses are well positioned to deliver such improvements in the current year, and this supports the strategy of the past two years to strengthen our balance sheet and to build on our core businesses." "Underlying trading conditions in our major markets in the year to date have been consistent with the much improved fourth quarter of 2003. Against this background, the quality of Cookson's businesses provides a strong platform for revenue and profit growth. The significantly lower cost base across all three divisions gives us a high level of operational gearing, and we will continue to manage the business tightly, focusing on cash generation, internal efficiency, margin enhancement and organic growth." Source: PCBnewsline