Cookson Sees Electronic Woes Persist in Third Quarter
August 7, 2001
Cookson Group Plc confirmed a slide in first-half profits recently, owing to an "unprecedented" fall in the global electronics industry, but said its long-term future was bright. The 300-year-old company, which has issued three profit warnings in the last five months, said weakness in the electronics industry had continued into the third quarter. It also dismissed concerns about its high debts. "What we're seeing is an unprecedented fall in the electronics industry generally, both in terms of its severity and the speed at which it's happened," Chief Executive Stephen Howard said in a telephone interview with Reuters. Howard said the malaise was cyclical rather than structural and he was confident that the market would eventually recover.