"The proposed sale
of Electronic Materials Division for US$655 million
completes the first stage of our strategy announced
last November to refocus the group on its core activities
where we have genuine leadership and strong market
positions. A circular will be sent out to shareholders
this week containing further details together with
a notice convening an extraordinary general meeting
on 9th August.
I am pleased to report
that each of our three core divisions has made a
good start to the year with profits for the continuing
businesses comfortably ahead of the first quarter
of last year.
There has been continued
strong demand for autocatalysts in the first quarter
and good growth in chemicals. Pharmaceuticals were
also ahead in the quarter despite some price erosion
on methylphenidate which was more than offset by
good sales of other products.
Precious Metals enjoyed
a good first quarter despite mixed market conditions.
Demand for platinum group metals continues to be
strong. Colours and Coatings' profits were up with
strong demand for glass and tile products which more
than offset the continued weakness in the UK tableware
market.
The outlook for the
year for all the group's continuing businesses remains
encouraging."
Michael Miles OBE
Chairman
