Alent says third-quarter trading weak, plans more job cuts


(Reuters) - Speciality chemical maker Alent Plc (ALNT.L) said trading in the third-quarter was below its expectations due to a softer-than-anticipated demand in the consumer electronics end-markets and that it planned to cut more jobs as part of its ongoing restructuring process.

Alent, which was formed after Cookson Group was split in two last December, said exceptional costs related to the restructuring would be around 9 million pounds to 10 million pounds ($14.44 million - $16.04 million) in 2013.

The company said net sales value in the third quarter ended September 30 rose to 105.6 million pounds from 101.7 million pounds a year earlier.

The company said it expected full-year net sales value to be around the same levels as last year with a slightly unfavourable product mix.

"Visibility remains limited with end-markets showing more muted seasonal pick-up in consumer electronics demand," Alent said in a statement.

Industry analysts have slashed their full-year revenue growth forecasts for global electronic equipment to 0.5 percent from the 4.5 percent forecast at the start of 2013 due to the contraction in the personal computer end-market and weak consumer sentiment, the company added.

Shares in Alent, which have risen 7.8 percent since their debut on the London Stock Exchange last December, closed at 337 pence on Tuesday.

($1 = 0.6233 British pounds)

(Reporting by Tasim Zahid in Bangalore; Editing by Gopakumar Warrier)

View Comments (0)