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ICI Q2 and Half-year Results Announcement

Published on 2004-08-11. Author : SpecialChem

 

ICI has announced its Q2 and half-year results. Highlights are as follows:

  • Comparable Group sales for the quarter 5% ahead of Q2 2003.
  • Group sales as reported 6% lower for the quarter, impacted by currency translation and divestments.
  • Comparable International Business trading profit for the quarter 20% ahead.
  • Group trading profit as reported 137mGBP for the quarter, 14% ahead.
  • Group profit before tax 118mGBP for the quarter, 20% above Q2 2003, and 185mGBP for the half year, 23% ahead of 2003.
  • Cash inflow before financing 111mGBP for the half year, 160mGBP better than 2003.
  • Net debt at half year, 1,187mGBP (2003: 1,695mGBP).
  • Interim dividend 3.4p per share (2003: 2.75p), in line with policy .

John McAdam, Chief Executive, said:

"Market conditions continued to be generally favourable in the second quarter. Despite some impact in Q2 from rising raw material costs, with strong sales and continued benefits from the major restructuring initiatives announced last year, profit and cash flow were well ahead for both the quarter and the half year.

"In the second half, some further price increases will be needed to compensate for the impact of rising raw material costs. If these are achieved we expect full year 2004 results to reflect satisfactory progress towards the strategic plan targets we announced in the autumn of 2003."

Source: ICI


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