Cookson has announced a new strategic plan, including a set of daringly concrete financial targets. The steel products group is evidently trying to shed its reputation for being cyclical and unreliable.
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It has pledged double-digit annual growth in headline earnings over the three years to December 2013, with dividend growth "at least in line" with profits. That will be achieved on the back of revenue growth at least 50 per cent higher than global GDP growth, combined with margin increases. Significant capital investment is required to support the expansion. Management plans to spend about £90m this year to increase capacity in emerging markets.
