Cookson’s Half-Year Revenue Down 8%; Fused Silica Business to Undergo Restructuring
Cookson Group recently reported revenue for the first half of 2012 of £1,300 million (~ $2 million), a decrease of 8% compared to the same period last year. Trading profit of £141.2 million (~ $218.8 million) decreased by £4.7 million (~ $7.2 million), or 3% vs. the first half of 2011. The Engineered Ceramics division’s revenue of £819 million (~ $1.2 billion) dropped 4% compared to the same period last year.
The Performance Materials division reportedly continued to deliver anticipated strong performance improvements with further penetration of higher growth market segments, such as smartphones and tablets, based on innovative, higher margin products. The division’s revenue of £362 million (~ $561 million) was 13% lower than that reported in the first half of 2011; this was reported to partially reflect the impact of passing through to customers lower commodity tin, silver, and gold prices.
“These results reflect a satisfactory first half performance in our main businesses, with a particularly strong profit improvement in the Performance Materials and Precious Metals Processing divisions,” said Nick Salmon, chief executive. “While the Engineered Ceramics division saw marginal improvement in its three largest businesses, trading conditions in its smaller Fused Silica business continue to be very difficult and its resultant losses have impacted the group’s overall performance. Decisive action has been taken to restructure this business.”
For additional information, visit www.cooksongroup.co.uk.