ICI profits grow

Manufacturing News, Source : TheManufacturer.com
Published : 03 May 2007 7:57

Chemicals and paints giant ICI has reported a 12 per cent rise in pre-tax profits for the first quarter, at £101 million.

The company also announced that the outlook for the second quarter “remains positive”.

Sales from continuing operations grew six per cent but after the impact of foreign currency exchange losses – an adverse eight per cent – sales were down two per cent to nearly £1.2 billion. Trading profit was also cut by £7 million for this reason.

Commenting on the results, chief executive John McAdam said: “The combination of good sales growth and further benefits from our Transformation Programme contributed to improved trading margins, though in absolute terms trading profit for continuing businesses was reduced by a £7 million adverse impact from exchange rates and £1 million from disposals.

“Although visibility of trading conditions beyond the current quarter is always limited, our expectations for the year as a whole remain unchanged.”

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