Umicore says that its half year revenues and recurring EBIT were up substantially compared to the same period last year, driven by growing demand for the company’s cathode materials for rechargeable batteries used in automotive applications.

 Revenues were €1.7 billion with a recurring EBITDA of €364 million.

‘Umicore's growth investments are proceeding as planned with capital expenditure amounting to €198 million in the first half of the year,’ the company said in a press release. ‘It is expected that capital expenditure will accelerate in the second half of the year.

‘Umicore expects its recurring EBIT to be in the range of €510 million to €550 million for the full year […] assuming current market and macroeconomic conditions continue to prevail.’

This story is reprinted from material from Umicore, with editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.