Cookson reports sharp rise in profits

Electronics and ceramics group Cookson today said its recovery remained on track despite a difficulttime at its precious metals arm.

The UK company, whose materials and services are supplied to sectors ranging from steel to jewellery, said profits before tax and exceptionals rose to £22m (€31.5m) in the third quarter, from £5m (€7.2m) last time.

Favourable trading conditions across most of its sectors left the group on track for annual profits in line with hopes.

Cookson, which began life 300 years ago as a Newcastle-based lead-maker, has battled back from financial crisis two years ago.

It said in a trading statement today that its electronics and ceramics divisions both posted sales and profits well ahead of last year.

The electronics recovery, which started a year ago, was expected to continue into the fourth quarter – although at a slower rate of growth.

However, the precious metals division was hit by factors including weakness in the UK and the closure of five sites in France, halving operating profits to £1m (€1.4m) in the quarter.

Cookson, which employs about 2,000 people in the UK and 16,000 worldwide, has UK bases at Glasgow, Birmingham and Woking.