This increase was particularly evident in its advanced materials and precious metals/catalyst divisions, where revenues were up by 16% and 29% respectively.
In the advanced materials division productivity was driven by increased activity in the end markets of cobalt & specialty materials. Sales of cobalt powders for tooling have also increased significantly from low 2009 levels, particularly for hardmetal applications such as automotive, machinery and mining.
The increase in the precious metals/catalysts division was due to improved demand in automotive catalysts. Global light duty vehicle production improved by some 47 % year on year, while in Europe, light duty vehicle production improved by some 33%. North America showed important improvement, with overall production up some 70% year on year, while in China production was up by 65%, mainly as a result of continued government incentives.
Following these results, the company expects full year recurring EBIT to be in the range of €260 million to €290 million. This reflects improving demand in most segments, buoyant supply conditions in precious metals services and the impact of higher precious metals prices.