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Cookson H1 results exceed expectations

By BFN News | 08:46 AM | Wednesday 04 August, 2010

Materials science company Cookson Group posts first half pre-tax profits of £92.5m compared with a loss of £89.7m last year. Headline pre-tax profit was £104m compared with a loss of £3.3m last time and revenues rose to £1,233m - 28% up on last year and 13% higher than the second of 2009 on an underlying basis. Earnings per share were 23.4p versus a 42.6p loss in the prior year while headline earnings per share were 27.0p compared with a loss of 6.2p. The firm said its pension deficit had been reduced by £24m to £114m and the UK defined benefit plan had been closed to future accrual. Chief executive Nick Salmon said: "The group's very encouraging performance in the first half of 2010 has been ahead of our earlier expectations. "This strong performance reflects the continued recovery in our end-markets, the benefits of the significant cost reduction programme completed last year and increased market penetration of new, higher margin products." Story provided by