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[November 2003]
Cookson Group: Third Quarter Trading Update
Cookson Group has issued comments on trading for the third quarter of 2003 and the outlook for the remainder of the year. In the sectoral round-up, it said that in the Ceramics division sales of 170 million for the third quarter were 3% lower than last year.
Despite this, operating profit of 11 million was 1 million higher than the same quarter a year ago, largely as a result of better product mix and lower operating costs. Global steel production was up 5% over the same period last year but production was less robust in the Ceramic division's major steel related markets, the USA and the EU, although production levels began to recover in the USA in October.
Other steel producing regions generally performed well. After a disappointing second quarter, the Glass sector began to show signs of recovery in the third quarter.
The Group as a whole recorded profit before tax of 5 million in Q3 2003, compared with a loss of 1 million in Q3 2002. For the first nine months of the year, profit before tax was 10 million, a 23 million turn around from the 13 million loss incurred during the same period of 2002.
The outlook for the remainder of 2003 is that underlying conditions are expected to remain essentially unchanged from those experienced in September and October. As a consequence - and in line with guidance given at the time of the release of Cookson's interim results in July - profit before tax for the year is expected to be in line with current market expectations.
ENDS