SMT & Inspection |
Cookson presents preliminary results
Turnover for the Cookson Group’s continuing operations of £1,698 million was 5% higher than 2003 at reported exchange rates and 11% higher at constant rates. Operating profit of £120 million rose by 47% over 2003 at reported rates and by 60% at constant rates. This, in turn, resulted in a 2 percentage point improvement in return on sales in 2004 at reported rates to 7%.
Higher operating profit from continuing activities, the eradication of losses from discontinued businesses and lower interest costs led to a marked increase in Group profit before tax, amortisation of intangibles and exceptional items to £93 million, up from £33 million in the prior year. Headline earnings per share increased three-fold to 3.3p compared with 1.1p in 2003.
Exceptional operating charges of £23 million were incurred in 2004 as the Group continued to streamline and rationalise operations. Non-operating exceptional costs of £57 million arose from the further divestment of non-core and underperforming businesses. Amortisation of intangibles amounted to £33 million. As a consequence, the loss for 2004 after all exceptional items and amortisation of intangibles was £50 million (2003: £205 million loss).
Follow this link to download the full Press Release (PDF).
