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05/05/2005
ICI warns of slowing sales and rising costs
Chemical firm ICI has warned of slowing sales growth and said that further price increases will be “necessary” in order to offset rising costs in raw materials.
ICI, which manufactures paints, fragrances and personal care products, reported a “good start” to 2005, with a total pre-tax profit of £84 million – an increase of 33% on the same period last year. However, the firm warned that the outlook for the rest of the year was “less certain”.
John McAdam, ICI Chief Executive said that sales, profits and cash flow had all been improved by the benefits of price increases and restructuring savings. However, he said: “The outlook for the balance of the year, however, is less certain. Further price increases will be necessary to offset continued raw material cost inflation and sales growth slowed as the quarter progressed, suggesting weakness in a number of market sectors, particularly in Europe. That said, ICI’s visibility of future demand is always limited and, providing trading conditions are reasonably favourable, we continue to expect to make satisfactory progress in 2005.”
(KMcA/SP)
ICI, which manufactures paints, fragrances and personal care products, reported a “good start” to 2005, with a total pre-tax profit of £84 million – an increase of 33% on the same period last year. However, the firm warned that the outlook for the rest of the year was “less certain”.
John McAdam, ICI Chief Executive said that sales, profits and cash flow had all been improved by the benefits of price increases and restructuring savings. However, he said: “The outlook for the balance of the year, however, is less certain. Further price increases will be necessary to offset continued raw material cost inflation and sales growth slowed as the quarter progressed, suggesting weakness in a number of market sectors, particularly in Europe. That said, ICI’s visibility of future demand is always limited and, providing trading conditions are reasonably favourable, we continue to expect to make satisfactory progress in 2005.”
(KMcA/SP)
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