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[February 2004]
Preliminaries for Cookson Group
In announcing 2003 preliminary results, Cookson Group pointed up the following financial highlights:
- Significant improvement in Group profits of 32.6 million before tax (before goodwill amortisation and exceptional items) versus 4.1 million in 2002.
- Headline EPS of 1.1p compared to 0.1p in 2002.
- Operating profit for continuing operations up 13% at constant exchange rates to 81.2 million.
- Electronics and Ceramics divisions achieve sound profit growth,
- Strong recovery in Electronics division in Q4 2003.
- Group net debt decreases by 70 million.
Strategic initiatives were listed as:
- Loss-making businesses addressed.
- Speedline sold.
- Laminates near break-even in Q4 2003.
- French brickmaking activities sold.
- Precious Metals European operations being restructured.
- Increased Asia-Pacific presence and investment.
- New bank facilities arranged.
Group Chief Executive Stephen Howard said on 24 February 2004: "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."
ENDS