InterBulk eyes ‘stronger’ second half as profits fall

Chemicals transportation specialist InterBulk today said it was looking forward to a “stronger” performance in the second half after reporting a 17.8 per cent slide in profits for the first six months of the year.

Hit by a slowdown in the European polymer industry, the East Kilbride-based firm posted a pre-tax profit before one-off items of £728,000 for the six months to 31 March, down from £886,000 a year earlier, on revenues 2 per cent lower at £129.9 million.

InterBulk racked up £805,000 in exceptional charges, most of which related to a redundancy programme at its European workforce in the dry bulk chemicals division.

Chief executive Loek Kullberg said: “The board expects that the group will have a stronger performance in the second half of this year helped by the internal cost-saving measures implemented over the last few months, including reductions in fixed costs, operational efficiency measures and specific procurement initiatives.

“This, along with stable interest expense, means that the board expects the full-year results to be broadly in line with expectations.”