Interbulk warns on profits amid weak polymer market
Chemicals transportation specialist Interbulk today warned that its annual profits will fall short of City hopes because of ongoing problems in the European polymer industry.
Although the East Kilbride-based firm expects trading during the second half to have been stronger than the first six months of the year, activity at its dry bulk chemicals arm has weakened because of “further reductions in transportation activity levels from the rationalisation and closures of European polymer plants”.
It added that profits before one-off items for the year to the end of September are “now expected to be at a level consistent with last year and, therefore, below market expectations”.
Loek Kullberg, chief executive of the Aim-quoted group, said: “There is no doubt that trading conditions – especially in the dry bulk European market – are tough, but our strong focus on customer service levels and cost leadership puts us in a position to maintain our strong market share.”
Interbulk is due to publish its full-year results in the middle of December.