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[April 2004]
Cookson's Ceramics Division Achieves Higher Sales and Profits
Cookson Group presented a trading update on 28 April 2004 covering the first quarter of 2004. Operating profit for the group's continuing operations was €,24 million, which was €,13 million higher at constant exchange rates than the same quarter in 2003. Profit before tax for the group was €,18 million, compared to a loss of €,1 million in Q1 2003.
In its review of the performance of the Ceramics Division, Cookson said that steel production - to which approximately 70% of the division's activities are linked - increased by 1% and 2% respectively in its two largest markets, the USA and Europe, over the first quarter of last year.
Production of steel increased by 14% in the fast growing Asia-Pacific region and was also up strongly in other emerging markets where the division has a growing presence. Trading conditions in the Foundry and Industrial Processes sector were generally stable, whereas the Glass sector enjoyed good growth.
As a consequence, the Ceramic Division's sales of €,170 million were 4% higher than Q1 2003 at constant exchange rates, although marginally lower at reported exchange rates. The increase in sales, together with an improvement in margin over materials, resulted in the division's operating profit rising to €,12 million in Q1 2004, some 20% higher than in Q1 2003 at constant exchange rates and up 11% at reported exchange rates.
ENDS