Cookson Sees Sharp Fall in First Half Profits
July 11, 2001
Britain's Cookson Group Plc warned recently that continuing tough market conditions meant first-half pre-exceptional, pre-tax profits would fall to around 30 million pounds ($42.31 million), from 92 million last year. Cookson said the shortfall was due to a sharper than expected fall in activity in the electronics industry, and sales in its electronics division would be 25% down on the same period last year. It said the unprecedented downturn in the U.S. electronics industry deepened in the second quarter and was now being felt in other regions, including Europe and Asia-Pacific. "Cookson's electronics division continues to be adversely impacted by the downturn in the electronics industry which deepened during the second quarter," the company said in a statement. "It is now anticipated that pre-tax profit, before exceptional items and goodwill amortisation, will be approximately 30 million pounds in the first half of the year," it said.