Industry News

ICI reports Q3 profits before tax up 10 percent

Published on 2006-11-07. Author : SpecialChem

Third Quarter 2006

  • Comparable Group sales 5% ahead of 2005
  • Comparable Group trading profit 11% ahead of 2005
  • Continuing Group adjusted profit before tax 144m GBP, 10% ahead of third quarter 2005
  • Group adjusted net profit 111m GBP(2005: 93m GBP)

First Nine Months 2006

  • Continuing Group adjusted profit before tax 363m GBP, 12% ahead of first nine months 2005
  • Group adjusted net profit 278m GBP(2005: 244m GBP)
  • Net profit after special items 258m GBP(2005: 303m GBP)
  • Net debt at third quarter 481mGBP, down from 1,033m GBPat the end of Q3 2005
  • Adjusted earnings per share 23.3p, up 13%
John McAdam

John McAdam, Chief Executive, said:

"A good third quarter continued the steady progress ICI has made so far in 2006. Profit growth and cash generation were again good and, taken together with the divestment proceeds from the sale of Uniqema, helped reduce net debt to below 500m GBP at the end of the quarter.

"We remain confident that full year profit will be in line with previous expectations, although demand for paint in North America is expected to remain weak and we continue to experience raw material inflation despite falling oil prices. ICI's restructuring initiatives are progressing satisfactorily and the Group is well positioned to make further progress in line with its strategic objectives."

Source: ICI

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