British Vita reports 'robust' Q1 despite tough conditions
16 April 2003 13:06 [Source: ICIS news]
LONDON (CNI)--Polymer technology specialist British Vita
reported on Wednesday a 'robust' first quarter performance in line
It said overall volumes have been maintained across most
markets despite the negative impact on customer confidence of
current economic and political conditions. No actual profit or
sales figures were disclosed, however.
The relatively upbeat message was delivered at British Vita's
annual general meeting (AGM) by chairman Jim Mercer who said
difficult global economic conditions in 2002 had been overcome
through continuing efficiency savings and the management of
volatile raw material markets.
"The outlook for 2003 poses similar challenges which we are
determined to manage as effectively," he added.
Mercer said British Vita's share buyback programme, which
began in May 2002, has returned £48m ($75m/Euro70m) through
the cancellation of 20.2m shares (9% of the issued capital).
He confirmed that British Vita planned to continue buying its
own shares following authorisation at the AGM of plans to buy a
further 10% of stock, or 20.9m shares this year.
The stock repurchase programme was launched to return money to
shareholders gained from the sale of British Vita's stake in US
thermoplastic materials and specialty compounds producer
By: Neil Sinclair+44 20 8652 3214
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