17 May 2012
COOKSON GROUP PLC ("Cookson" or "the Group")
INTERIM MANAGEMENT STATEMENT AND INITIATION OF STRATEGIC REVIEW
Cookson Group plc, a leading materials science company, releases its Interim Management Statement regarding current trading, financial position, recent developments and outlook ahead of today's Annual General Meeting as well as the initiation of a strategic review. The Statement covers the period from 1 January 2012 to 16 May 2012.
Overview
· Trading for the first four months for the Group as a whole has been in line with internal expectations. Despite the previously identified continuing losses in the Fused Silica business, Group trading profit was slightly ahead of the equivalent period last year; management's expectations for the Group's full year performance in 2012 remain unchanged
· 'Bolt-on' acquisition of Metallurgica completed on 29 March 2012
· Disposal of the US operations of the Precious Metals Processing division completed, as planned, on 1 May 2012
· Strategic review initiated to consider a number of options, including a potential demerger or separation of Cookson's two main divisions
· Christer Gardell, Managing Partner of Cevian Capital, to join the Board as a non-executive Director
· Board remains confident of the Group's ability to achieve further progress in the current year towards its 2013 targets, driving further value for shareholders
