UK soda ash producer Brunner Mond suffered an almost 50 per cent worsening in losses last year despite a far-reaching cost-cutting programme.
Brunner Mond announced losses totalling UK 15.2 million a…
UK soda ash producer Brunner Mond suffered an almost 50 per cent worsening in losses last year despite a far-reaching cost-cutting programme. Brunner Mond announced losses totalling UK 15.2 million after tax compared with a UK 10.3 million deficit in 1999. The heavier losses came in despite an operating profit of UK 7.9 million on sales revenue of UK 148.4 million in the year to 30 June. The company, which also has operations in Holland, Kenya and South Africa, made interest payments of nearly UK 20 million. During 1999, Brunner Mond cut over 130 jobs in the UK as part of a two-year programme to save more than UK 9 million. Company officials warned that further cost-cutting may be necessary if the soda ash market fails to improve. Cost-cutting measures include the possible sale of surplus land at its Northwich facility plus the closure of three ageing power stations. “The strength of sterling against the Euro has made business conditions in the UK problematic, both for our customers and ourselves,” commented company chairman and CEO David Wertheim.