AZ Electronic making good progress in H2

AZ Electronic Materials has continued to make "good progress" during the second half of the current financial year, the firm said.

The company, which produces speciality chemical materials for technological manufacturers, saw group revenue in the third quarter rise by 15% to $202m (Q3 2010: $175.8m).

Group revenue for the nine months ended 30 September was $593.8m, up 20% from the same period last year, while the adjusted earnings before interest, taxes, depreciation, and amortization margin was in line with the first half of the year, and cash conversion continues to be strong.

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Trading in the Optronics business remains robust despite challenging trading conditions in the market. Revenue in the third quarter was $57.0m, up 10% on the same period last year (Q3 2010: $51.6m).

Net debt at 30 September was $389.7m (30 June 2011: $402.2m).

In a statement the firm said: "AZ's trading results for October indicate that the business continues to perform well and our expectations for the full year remain unchanged.

"Whilst we remain mindful of the uncertain macroeconomic environment and the potential impact of weaker consumer markets on our customers, we continue to position the group for long-term growth through focused and customer-oriented investments."

The share price was moving up by 2.82% to 237p by 16:06.

NR