Umicore: posts broadly flat first-half results
(CercleFinance.com) - Umicore said its first-half results were fairly steady year-on-year, despite the severe disruptions caused by the Covid-19 pandemic.
While its revenues fell by 4% to 1.6 billion euros in the first six months of 2020, the Belgian specialty-materials group's adjusted EBIT rose by 1% to 243 million euros.
Umicore said the "very strong performance" of its recycling unit offset the impact of the downturn in the automotive industry and the consequences that this had on its catalysis and energy and surface businesses.
The company pointed out that it remains impossible to provide a quantified outlook for 2020, but said it continues to expect its full-year adjusted EBIT to be below its level in 2019.
The shares were down 7% on Euronext Brussels following these announcements.
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