AkzoNobel’s Q2 figures beat market expectations

CEO Hans Wijers said: “Our Q2 results show a further increase of revenue and profitability across each of AkzoNobel’s business areas, evidencing that we are benefiting from the recovery and our on-going restructuring.

“Our focus on customers, cost reduction and cash generation, while increasing our exposure to our higher growth markets, which currently represent close to 40% of revenue, has been highly beneficial. AkzoNobel is emerging from the global economic crisis in better shape underlined by the early achievement of our 2011 Ebitda margin target of 14%.”

He added that while Q2 was clearly a good quarter, beating market expectations, Akzo Nobel remains vigilant about the pace and sustainable nature of the economic recovery. Nevertheless, he was cautiously optimistic about the prospects for the remainder of the year.

"The developed markets remain challenging," said Wijers. "Raw material price pressure and shortages are expected to continue into the third quarter. We will keep a careful eye on the trading environment and costs will continue to be managed aggressively.”

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