Global materials technology group Umicore has reported that are down 8 per cent in its half yearly results.
Net profit fell to €146 million (£115 million) compared to the same period in 2011 with lower metals prices having an impact on the company’s recycling division.
However, despite the global downturn, it expects profitability in the second half of the year to be in line with the first half.
Despite recycling revenues being up 10 per cent compared to the first half of 2011, recurring EBIT decreased by 8 per cent year on year due to lower metal prices and higher development costs in the business.
However, it said the supply environment for its recycling division was good, that should help it post another strong performance despite less supportive metal prices.
Umicore has facilities all over the world including in the UK.