UPM has made a “solid start” to 2011, group president and CEO Jussa Pesonen told the company’s AGM.
“Deliveries and price increases have materialised as expected; however, unfortunately cost pressures are accelerating.
“The outlook for 2011 continues to be favourable. Operating profit, excluding special items, is expected to improve on 2010 and the first half of the year will improve markedly on the first half of 2010,” said Mr Pesonen.
He said UPM was well positioned both in terms of business cycle and strategy.
The company’s strategic aim is to shift the focus to markets and businesses with sustained growth and value creation.
“Each business area has a clearly defined strategic agenda supporting UPM’s renewal,” said Mr Pesonen. “A strong cash flow and balance sheet provide means to realise these growth opportunities.”
