CooksonCookson
Exchange Information
LSE Price  5.96GBP
Press Releases

10 Nov 2011 - Interim Management Statement
02 Aug 2011 - 2011 Half Year Financial Report
27 Jun 2011 - Board Appointment

Company Profile

Cookson is a leading global supplier of consumables used mainly in the production of Steel, Foundry Castings and Electronics. We add value to our customers’ businesses by providing products, processes and services that allow them to increase the efficiency and quality of their operations and products. We have leading technologies supported by outstanding technical service and R&D resources. We have high quality businesses with leading market positions. Our key end-markets (Steel Production, Foundry Castings and Electronics) have good long-term prospects. We have a global presence with 15,000 people working in more than 40 countries and we sell into more than 100 countries.

Directors
Chief Executive – Nick Salmon
Finance Director – Mike Butterworth
Executive Director - Francois Wanecq


Divisions

Trading under the brand names Vesuvius and Foseco, the Ceramics division is the world leader in the supply of advanced consumable products and systems to the global steel and foundry industries and a leading supplier of speciality products to the glass and solar industries.

Revenue by End Market (2010) Steel: 58%, Foundry: 28%, Industrial: 11%, Solar: 3%


The Electronics division is a world leading supplier of consumable assembly materials to the assemblers of PCBs and the semi-conductor packaging industry and advance surface treatment and electro-plating chemicals to the electronics industry and for industrial and automotive applications.

Revenue by End Market (2010) Electronics: 76%, Industrial and automotive: 24%


The Precious Metals division is a leading supplier of fabricated precious metals (primarily gold, silver and platinum) to the jewellery industry in the US, UK, France and Spain. Products include alloy materials, semi-finished jewellery components and finished jewellery.

Revenue by End Market (2010) Jewellery: Europe 55%, NAFTA 41%, Asia-Pacific 4%


Highlights from 2010 Preliminary Results

HIGHLIGHTS

  • Significant performance improvement in 2010:
    • Revenue of £2,546m, up 30%; 23% on an underlying basis1 (2009: £1,961m)
    • Trading profit1 of £252.1m, up 126% (2009: £111.7m)
    • Return on sales1 of 9.9% (2009: 5.7%) - Ceramics 11.9%; Electronics 9.8%
    • Headline profit before tax1 of £222.1m, up 193% (2009: £75.7m)
  • End-markets have recovered strongly but generally remain below pre-crisis levels, leaving considerable potential for further improvement
  • Effective tax rate2 of 21.1% (2009: 35.2%) reflects a more normal geographic distribution of profitability, and certain non-recurring credits (underlying rate: 24%)
  • Headline earnings per share1 of 61.5p, up 242% (2009: 18.0p)
  • Net debt reduced by £41m to £330m. Net debt to EBITDA ratio of 1.1 times
  • Recommended final dividend of 11.5p per share (last dividend payment declared in August 2008)
  • New three year performance targets announced in January 2011 set out the ambition and strategy for further strong progress through to end 2013
  • Healthy growth rates anticipated for 2011 in key end-markets of steel, foundry and electronics – Group performance expected to be well ahead of 2010

1 Refer to Note 1 of the attached financial statements for definitions
2 Tax rate on headline profit before tax (before share of post-tax profit of joint ventures)


Contact Us

Cookson Group plc
165 Fleet Street
London EC4A 2AE

Telephone: +44 (0)20 7822 0000
Fax: +44 (0)20 7822 0100
Email: info@cookson.co.uk