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[May 2003]
Cookson First Quarter Trading Update
Sales for Cookson's continuing operations in the first quarter of 2003 were
3% higher than the same quarter in 2002 at £408 million. Operating profit
for continuing operations of £7 million improved by £10 million over Q1
2002. Activity in the first quarter is traditionally quieter than in the
fourth quarter due both to the slow start to the year following the
Christmas season and the Chinese New Year holidays.However, activity for much of Q1 2003 was substantially unchanged from Q4
2002, as evidenced by average weekly sales for continuing operations for
February and March being virtually the same as in Q4 2002.Sales in the Ceramics division in Q1 2003 of £173 million were 11% higher
than Q1 2002 and operating profit rose by £5 million, thereby maintaining
the good performance achieved in the latter part of 2002.Global steel production - to which demand for around 70% of the division's
activities is indirectly linked - rose by 9% over the same quarter last year
and remained at a similar level to the fourth quarter of 2002. Market
conditions in the division's other sectors - Glass and Foundry - were
generally stable.
ENDS