Bic restructuring hits home as income falls


The Bic Group has posted a drop in net income of 6.7 per cent for the first half of 2004.

Profit was hit by restructuring costs of around 17 million ($8.6 million), related to the firm’s US restructuring programme announced in April.

Commenting on the group’s results, CEO Bruno Bich said: "We gained market share with a mix of classic and new products in our three categories and we have increased manufacturing productivity and cost savings resulting from three years of efforts".

In its stationery segment, income from operations rose 13.1 per cent to hit 152.4 million, boosted by a strong back-to-school season.

Paris (FRA)