Akzo Nobel expects €10.2bn in full-year revenues

31 January 2008 10:44  [Source: ICIS news]

LONDON (ICIS news)--Akzo Nobel is forecasting revenue for 2007 of €10.2bn ($15.2bn) excluding the acquisition of UK-based ICI, the company said in a trading update on its fourth-quarter performance on Thursday.

 

The company also expects 2007 operating profit (earnings before interest and tax) to be €897m, which would be in line with the consensus forecast.

 

“Revenues for the fourth quarter of 2007 totalled €2.4bn, up 2% with autonomous growth of 6%,” the company said in the update.

 

Akzo Nobel’s fourth-quarter revenues for its decorative coatings business were unchanged but bottom line performance significantly improved due to a better product mix, it added.

 

Akzo Nobel’s pulp and paper business also had a strong last quarter of 2007. Increased revenues of 9% contributed to a robust improvement of the bottom line, the statement said.

 

Preliminary results for all ICI businesses, which are now owned by the Dutch company, were £4.9bn ($9.8bn/€6.6bn), 1% ahead of 2006, the company said.

 

“Results from ICI’s decorative business increased substantially during the last quarter of 2007, particularly in North America, compared with the fourth quarter in 2006,” it added.

 

“The first nine months of 2007 laid the foundations for what was a solid final quarter," Akzo Nobel CEO Hans Wijer said.

 

“Indeed, both Akzo Nobel and ICI produced good fourth-quarter results, which contributed to strong full-year revenues and reflected continuing growth trends.”

 

Akzo Nobel and ICI’s full 2007 and fourth-quarter results will be published on 6 March.

 

The company’s share price was up 2.38% to €47.30 in early morning trading on the Euronext bourse.

 

($1 = €0.67/€1 = £0.74)

By: Lucy Craymer
+44 20 8652 3214

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