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On an underlying basis (constant exchange rates and adjusted for differences in commodity metals), revenue increased by 12%. Trading profit of £145.9 million (~ $237.4 million) was 21% higher than that reported for the first half of 2010, and the return on sales margin was 10.3%, vs. 9.8% for the same period last year. If commodity metals prices had remained at average 2010 levels, the margin would have been 10.9%.
The Ceramics division experienced strong demand in its key end markets in the first half 2011. Revenue of £851 million (~ $1.4 billion) was 16% higher than the first half of 2010 and 11% higher than the second half of 2010.
“We have continued to make good progress this year toward our stated targets for 2013,” said Nick Salmon, chief executive. “With our leading global market positions, continued market penetration of newly developed products and services and further expansion of our strong presence in the faster growth emerging markets, we believe we are well-positioned to continue to benefit from further growth in our end markets.”
For more information, visit www.cooksongroup.co.uk.