Interbulk profits slump on ‘depressed’ demand for chemicals

Chemicals transportation specialist Interbulk has suffered a slump in first-half profits on the back of “depressed” demand across Europe.

The East Kilbride-based firm also said earnings were hit by a restructuring at its European operations, where it reduced staff numbers to bring the business “into line with prevailing market conditions”.

Revenues during the six months to 31 March fell 6 per cent compared with the same period last year to £132.8 million, while operating profits before one-off items plunged almost 43 per cent to £3.8m.

Chief executive Koert van Wissen said: “We continue to be impacted by delayed economic recovery and although uncertainty remains high, we view the second half of the year with more confidence.

“We have taken steps to improve efficiency and reduce costs and are pursuing a healthy pipeline of new business opportunities to improve growth.”