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27/07/2001
ICI report robust performance despite difficult market
ICI has posted a small drop in interim pre-tax profits, which it describes as a strong performance in difficult conditions.
The chemicals company says it has been hit by the US industrial slowdown, while the sharp fall in demand from the electronics industry has made things worse.
Half-year pre-tax profits amounted to £210 million, down from £224 million in the same period last year, although ICI said this represented a good performance in the face of tough economic conditions.
Turnover from continuing operations was £3.32 billion, down from the £3.13 billion interim figure posted a year ago.
ICI, whose products include Dulux Paints, says its international businesses achieved comparable sales growth of 1 per cent in the quarter. It says its Quest and Paints divisions both expanded sales by 4 per cent, which more than compensated for 3 per cent reductions in both National Starch and Performance Specialties. ICI says the benefits of its geographic diversity have showed through as demonstrated by sales in Europe and Asia which grew by 1 per cent and 4 per cent respectively, offsetting a 2 per cent reduction in North America.
Charles Miller Smith, the company's chairman, said: "In a very tough external environment, particularly in the USA, ICI improved sales and cashflow, and profits were slightly lower - a robust performance in difficult markets. "The board is proposing to pay an interim dividend per £1 ordinary share for the half-year of 6.25p, compared with 12.5p in the same period during 2000.
(AMcE)
The chemicals company says it has been hit by the US industrial slowdown, while the sharp fall in demand from the electronics industry has made things worse.
Half-year pre-tax profits amounted to £210 million, down from £224 million in the same period last year, although ICI said this represented a good performance in the face of tough economic conditions.
Turnover from continuing operations was £3.32 billion, down from the £3.13 billion interim figure posted a year ago.
ICI, whose products include Dulux Paints, says its international businesses achieved comparable sales growth of 1 per cent in the quarter. It says its Quest and Paints divisions both expanded sales by 4 per cent, which more than compensated for 3 per cent reductions in both National Starch and Performance Specialties. ICI says the benefits of its geographic diversity have showed through as demonstrated by sales in Europe and Asia which grew by 1 per cent and 4 per cent respectively, offsetting a 2 per cent reduction in North America.
Charles Miller Smith, the company's chairman, said: "In a very tough external environment, particularly in the USA, ICI improved sales and cashflow, and profits were slightly lower - a robust performance in difficult markets. "The board is proposing to pay an interim dividend per £1 ordinary share for the half-year of 6.25p, compared with 12.5p in the same period during 2000.
(AMcE)
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