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ICI First Quarter Results for 2005

Published on 2005-05-05. Author : SpecialChem

ICI's First Quarter results for 2005 show a pre-tax profit of 84m GBP, 33 per cent ahead of 2004, with comparable group sales up 7 per cent and trading profit up 11 per cent. Full details of the results announcement and a slidecast presentation to financial analysts are available in the Investor Relations area of the company's site.

John McAdam, ICI Chief Executive said:

"ICI made a good start to 2005, with the benefits of price increases and restructuring savings contributing to improvements in sales, profits and cash flow.

The outlook for the balance of the year, however, is less certain. Further price increases will be necessary to offset continued raw material cost inflation, and sales growth slowed as the quarter progressed, suggesting weakness in a number of market sectors, particularly in Europe. That said, ICI's visibility of future demand is always limited and, providing trading conditions are reasonably favourable, we continue to expect to make satisfactory progress in 2005."

ICI is one of the world's major specialty products and paints businesses. The Group's four principal activities are National Starch, Quest, Uniqema and ICI Paints, which together account for more than 90% of ICI's sales. Today around a quarter of ICI's sales are made in Asia Pacific and 40% in the Americas with less than 12% now made in the UK.

ICI products today include flavours and starches for the food industry, fragrances, surfactants and specialty polymers for personal care products, adhesives for the electronics and packaging markets as well as a wide range of decorative coatings and specialty products for domestic use and the construction industry. The Group owns some of the world's top paint and decorative product brands such 'as 'Dulux', 'Glidden', 'Valentine', 'Coral', 'Alba', 'Xyladecor', 'Hammerite', 'Polycell', 'Polyfilla' and 'Alabastine'.

Listed on both the London and New York Stock Exchanges, ICI is a member of the FTSE100, FTSE4Good and the Dow Jones Sustainability Index. ICI has around 33,000 employees worldwide and had sales in 2004 of 5.6bn GBP..

Source: ICI


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