BOC has announced its results for the three months to 31 December 2001. . Turnover was down 5% to £960.0 million, with operating profit down 11% to £114.5 million. The company said it remains confident of long-term growth in the semiconductor industry.
BOC has announced its results for the three months to 31 December 2001. Turnover was down 5% to £960.0 million, with operating profit down 11% to £114.5 million.
Commenting on the results BOC Group Chief Executive, Tony Isaac said,
‘Although our first quarter results are below the equivalent figures of a year ago, this masks an improvement in every part of the Group except BOC Edwards. The reasons for a lower profit in BOC Edwards are well understood. A year ago the semiconductor industry was at the peak of its investment cycle and BOC Edwards’ sales of equipment to that industry were particularly strong. Order intake fell during the second half of 2001 but has now stabilised at the lower level. I am pleased to report that strict attention to costs has enabled BOC Edwards to remain profitable in such difficult circumstances.
‘Despite its cyclical characteristics, we remain confident of long-term growth in the semiconductor industry. BOC has signed a letter of intent to acquire the turbomolecular vacuum pumps business from Seiko Instruments. This would complement BOC Edwards’ existing product portfolio very well.
‘Our operating profit was also affected by the weakness of the South African rand, which lost a third of its value relative to sterling since a year ago. Translation of our Japanese results was also adversely affected by the exchange rate movement.
‘Apart from BOC Edwards and excluding such exchange rate effects, our other businesses increased turnover by 5 per cent, and operating profit by 10 per cent. These improvements were driven by cost savings, price initiatives, acquisitions and new projects.’