Ciba Specialty Chemicals has announced a solid performance in its second quarter results.

The Swiss firm, which has a site at Low Moor, Bradford, has seen a continued improvement in sales and profitability.

Ciba, which has taken steps to reduce its costs, has seen sales rise four per cent compared to the same period last year. Operating income also increased 35 per cent.

Net profit at Ciba rose 11 per cent, to 116 million Swiss francs, while net debt nearly halved.

Analysts had expected first-half net profit to hold steady at around 221 million francs despite declines in sales and operating profit. Net income was 108 million in the first quarter, bringing the first-half total to 224 million.

Second-quarter sales accelerated from the first quarter as demand began to pick up, the firm said.

Sales rose four per cent in local currencies, but fell three per cent in Swiss francs to 1.88 billion.

Armin Meyer, chairman and chief executive officer for the chemicals giant, said: "I am pleased that we now see the benefits of the simplified structure we introduced last year.

"Both sales and profitability have improved steadily since the low point this winter, with particular improvement having come in the second quarter.

"With the more industry- and customer-focused organisation, we have laid the foundation to further create value.

"We have exceeded our rigorous cost saving targets, based on a reduction of positions, the optimisation of our global production network and improved supply contracts.

"With our continued strong focus on managing assets and generating cash, we have further strengthened our position in a difficult environment.

"Ciba Specialty Chemicals will continue to focus on cash generation to provide for future growth. With the reduction achieved in our net debt, we further strengthened our solid balance sheet."