AkzoNobel on track in Q4
AkzoNobel has announced that trading into the fourth quarter of 2013 continued to be in line with previous trends. Although the economic environment continued to be challenging, as previously indicated, AkzoNobel’s full year 2013 operating income before incidental items is unlikely to exceed €908 million.
The Performance Improvement Program is on track to achieve its 2013 targets and the company’s restructuring charges are expected to exceed €300 million, largely in line with prior indications for 2013.
Moving into 2014, the company advise that they see continued opportunities to invest in additional efficiency gains and now anticipate charging at least €250 million in the year.
The sale of their Building Adhesives business in Q4 was successfully completed, which will result in an incidental profit of around €200 million. This is expected to be largely offset by additional incidental charges, including a non-cash write-down in Speciality Chemicals, among others.
The company remain confident in the delivery of their 2015 targets. The Q4 2013 results will be announced on 6th February 2014, and a Capital Markets Day will be held in London on March 11, 2014.