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| Cookson issues profits warning after weak trading | Cookson issues profits warning after weak trading |
| (4 months later) | |
| Cookson, the engineering company, has warned of a sharp downturn in business at one of its key divisions. | Cookson, the engineering company, has warned of a sharp downturn in business at one of its key divisions. |
| Trading in its Ceramics operation had been "weaker" than previously thought, sending the firm's shares down 14.4%. | Trading in its Ceramics operation had been "weaker" than previously thought, sending the firm's shares down 14.4%. |
| Cookson said in a statement that it meant full year trading for the whole group was now likely be "materially below previous expectations". | Cookson said in a statement that it meant full year trading for the whole group was now likely be "materially below previous expectations". |
| Cookson, which employs 15,500 staff, supplies material for the steel, electronics, and solar industries. | Cookson, which employs 15,500 staff, supplies material for the steel, electronics, and solar industries. |
| The company said that in the three months to 7 October trading in two other divisions, Precious Metals and Performance Materials, was in line with expectations. | The company said that in the three months to 7 October trading in two other divisions, Precious Metals and Performance Materials, was in line with expectations. |
| But the Ceramics business, which accounts for the bulk of revenues, had suffered from a slowdown in Europe and China. The operation was particularly hit by "very depressed" trading in the global solar industry. | But the Ceramics business, which accounts for the bulk of revenues, had suffered from a slowdown in Europe and China. The operation was particularly hit by "very depressed" trading in the global solar industry. |
| The company said the downturn in steel production was sharper than normal in July and August. In Europe, steel output fell 11%, and in the US it was down 3%, according the World Steel Association. Cookson said there were signs of further weakening in the market in September. | The company said the downturn in steel production was sharper than normal in July and August. In Europe, steel output fell 11%, and in the US it was down 3%, according the World Steel Association. Cookson said there were signs of further weakening in the market in September. |
| According to a Thomson Reuters survey of 17 analysts, Cookson was expected to report pre-tax profit of about £248m for 2012, down from £261.5m in 2011. Analysts are now expected to revise down their estimates. | According to a Thomson Reuters survey of 17 analysts, Cookson was expected to report pre-tax profit of about £248m for 2012, down from £261.5m in 2011. Analysts are now expected to revise down their estimates. |