Interbulk plunges after warning of ‘materially’ lower profits

Interbulk, the East Kilbride-based chemicals transportation firm in which Scots tycoon Jim McColl has a stake, warned yesterday that Europe’s worsening economy would hit its first-half profits.

The firm said figures for the six months to March would be “materially” lower than the year before.

Its liquids division suffered especially in the financial first quarter but has seen a pick-up since thanks to work in China, the Middle East and the US. Its dry bulk business was hit by temporary plant shutdowns in the European polymer industry.

Chief executive Koert van Wissen said: “Whilst external market conditions remain fragile and unpredictable, there has been an improvement in the second quarter, and with continued focus on controllable costs we expect to deliver an improved second-half performance.”