 |
 |
||||||
[November 2002]
Cookson Q3 Trading Update
In its statement of 5 November 2002, Cookson said that sales from continuing
activities for the third quarter of 2002 were 445 million, 1% lower than in
the same period last year. Group operating profit for continuing activities
of 13 million was 11 million higher than Q3 2001, with an improvement
registered by each of the three divisions.Sales in the Ceramics division in Q3 2002 were 176 million, 4% up on Q3
2001, and operating profit improved by 16%. Steel production in the
division's two major markets - the USA and Europe - rose by 5% and 1%
respectively over the same quarter last year.In the USA, the improvement in production levels that became evident in the
first quarter of 2002 was sustained and sales and profitability improved as
a consequence.The European steel markets were generally less robust, with weakness in the
UK and Germany offset by gains elsewhere in the region.Steel output in Asia-Pacific remained strong and the division's activities
in this region benefitted accordingly.In the remaining sectors - glass, foundry and industrial products - market
conditions were stable and performance was sound.Group outlook for the remainder of the year is that underlying trading
conditions are expected to remain essentially unchanged from those
experienced in the latter part of the third quarter. As a consequence, the
company expects operating profit for the year to be within the range of
market expectations.
ENDS