Burmah profits hit by strong pound
Tuesday 08 April 1997
Profits before tax rose 6 per cent during 1996 to pounds 261.4m, despite the early effects of the pound's rise as strong turnover growth in Asia more than made up for sluggish markets in Europe and severe price competition in North America. According to Mr Fry, five of Burmah's top 10 markets are now in Asia and the company is creating 350 jobs in the region this year to add to the 400 it added last year.
Castrol's Asian arm now makes more profits than its business in North America and the company expects it to overtake the European operation by2000. It is building factories in Bombay, Singapore and China to capitalise on the region's rapid growth but announced plans yesterday to close a factory in North America where a scramble for market share has kept the lid on selling prices.
In chemicals, where Burmah has faced a long struggle to justify its acquisition in the early 1990s of speciality group Foseco, profits rose 9 per cent to pounds 66m and the division's return on sales of 8.3 per cent came close to Mr Fry's target return of 10 per cent. He said he expected to pass that milestone this year.
Burmah's shares closed 16.5p higher at 1,014p, partly reflecting Burmah's decision to pay all of its final dividend as a foreign income dividend of 24.8p, which it then enhanced by 6.2p for the benefit of non-tax-paying institutional investors.
Emergency call 'started off dumb, but got pretty serious'
Britain First criticised for using actress's memory to draw attention to their 'hate-filled home page'
Thought you'd seen it all after the Jeremy Paxman interview?
Greatest mystery about the hit BBC1 show is how it continues to be made at all, writes Grace Dent
"History is violent," says the US Army tank commander Don "Wardaddy" Collier
Striker's four-month ban for biting an opponent expires on Friday
- 1 This 'woman calls police to order pizza' story isn't going where you're expecting
- 2 Axe wielding man shot dead after attacking four New York policemen on busy street
- 3 Watch what happened when food critics were unknowingly served McDonald's
- 4 Jimmy Carr's Oscar Pistorius joke goes a bit too far at the Q Awards
- 5 Ottawa shootings: Bruce MacKinnon's cartoon is the perfect tribute to soldier Nathan Cirillo
Renee Zellweger on plastic surgery rumours: 'I'm living a more fulfilling life and I'm thrilled that perhaps it shows'
This 'woman calls police to order pizza' story isn't going where you're expecting
FCKH8: YouTube reinstates provocative anti-sexism video showing young girls swearing
Axe wielding man shot dead after attacking four New York policemen on busy street
Diwali: What is the festival of lights – and how is it celebrated around the world?
Of course, teenage girls need role models – but not like beauty vlogger Zoella
Cameron is warned 'no possibility' of UK reducing immigration and that bid to bring in quota on migrant workers would be illegal
Support for EU membership 'at highest level since 1991' with most Brits wanting to stay 'in'
Thousands with degenerative conditions classified as 'fit to work in future' – despite no possibility of improvement
Residents should throw a street party and mix with immigrant neighbours, councils told
Attacks on 'Ukip Calypso' show how skewed people’s priorities are
iJobs Money & Business
£30000 - £35000 Per Annum plus excellent benefits: Clearwater People Solutions...
£24000 - £28000 per annum + bonus & benefits: Ashdown Group: IT Business Syste...
£50000 - £90000 per annum + benefits: Ampersand Consulting LLP: Markit EDM (CA...
£100 - 125k: Guru Careers: A CTO / Chief Technology Officer is needed to join ...