1st Quarter Trading Update

Cookson Group PLC
28 April 2004

28 April 2004


COOKSON GROUP plc - FIRST QUARTER 2004 TRADING UPDATE

HIGHLIGHTS

•    Electronics division continues robust recovery

       -  Sales up 18% and profits increase from £2 million to £11 million*
       -  Laminates above break-even in March

•    Ceramics and Precious Metals divisions achieve higher sales and profits*

•    Group profit before tax improves significantly: £18 million profit vs.
     £1 million loss last year

*(at constant exchange rates)

Positive progress was made by Cookson and by each of its three divisions in the
first quarter of 2004.  Details of divisional and Group performance are provided
below.

Electronics

The Electronics division continued to benefit from the recovery in the
electronics industry that began to take hold in the second half of 2003, as well
as from the actions taken over the past three years to reduce its cost base,
optimise capacity and enhance its leading market positions.

Sales of £159 million for the first quarter of 2004 were 18% higher than the
same quarter last year at constant exchange rates and up 10% at reported rates.
First quarter sales were also marginally higher than the fourth quarter of 2003
at constant exchange rates.  Activity in the Asia-Pacific region continued to
grow strongly; in the USA, a gradual improvement has been underway since the end
of the third quarter of 2003; however, in Europe no improvement in underlying
demand has yet been seen.  As a result of increased levels of activity and a
lower cost base, operating profit of £11 million for the first quarter of 2004
was more than £9 million higher than the same period last year, at both constant
and reported exchange rates.

The performance of each sector was as follows:

-          Laminates: first quarter sales of £32 million were 21% higher than
the same quarter last year at constant exchange rates.  Having operated at a
loss of some £5 million in the first quarter of 2003 and near break-even in Q4
2003, the sector's profitability continued to improve and a modest profit was
recorded in the month of March 2004.  Further improvements are expected to arise
in the second quarter as the programme to optimise production capacity at the
sector's US West Coast facility nears completion and in-house production of the
fast-growing GETEK(R) product range increases in both the USA and Asia-Pacific.

-          Chemistry: sales of £65 million for the first quarter were 16% higher
than last year at constant exchange rates.  Profitability improved markedly,
more than doubling year-on-year, although profits were boosted in the first
quarter by a surge in high margin sales in the sector's Japanese joint venture.

-          Assembly Materials: first quarter sales were 18% ahead of last year
at constant exchange rates at £62 million.  Sales were inflated by a 45%
year-on-year increase in the price of tin - a key raw material - although the
sector was better able to pass on the impact of this than in the fourth quarter
of 2003.  As a result, profits improved strongly over the first quarter of last
year.

Ceramics

Steel production, to which approximately 70% of the Ceramics division's
activities are linked, increased by 1% and 2% respectively in its two largest
markets - the USA and Europe - over the first quarter of last year.  Production
of steel increased by 14% in the fast growing Asia-Pacific region and was also
up strongly in other emerging markets where the division has a growing presence.
Trading conditions in the Foundry and Industrial Processes sectors were
generally stable, whereas the Glass sector enjoyed good growth.  As a
consequence, the Ceramics division's sales of £170 million were 4% higher than
the first quarter last year at constant exchange rates, although marginally
lower at reported exchange rates.  The increase in sales, together with an
improvement in margin over materials, resulted in the division's operating
profit rising to £12 million in the first quarter, some 20% higher at constant
exchange rates than the same period last year and up 11% at reported exchange
rates.

Precious Metals

Trading conditions in the Precious Metals division improved in the first quarter
over the same quarter last year and the de-stocking by jewellery retailers in
the USA - which began to impact sales severely in the latter part of the first
quarter of 2003 - did not reoccur.  As a result, sales of £76 million in the
first quarter were 4% up on the same period last year at constant exchange rates
and were marginally lower at reported exchange rates.  Higher sales and the
benefits of the cost cutting programme undertaken in 2003 led to operating
profit of some £1 million compared to a near break-even position in the first
quarter last year.

The previously announced programme to reorganise the European Precious Metals
operations is proceeding.  Further details of the costs and benefits associated
with this programme will be provided when finalised.  On 15 March 2004, it was
announced that the Group is in the very early stages of evaluating strategic
options regarding the Precious Metals division; this process is continuing.

Group

Operating profit for the Group's continuing operations for the first quarter of
2004 was £24 million, which was £13 million higher at constant exchange rates
than the same quarter a year ago.  Profit before tax for the Group in the first
quarter was £18 million, compared to a loss of £1 million in the first quarter
of 2003.  The £19 million improvement in profit before tax comprised:

-           the £13 million increase in operating profit of the Group's
            continuing operations;
-           the eradication of £5 million of losses incurred by Speedline, which
            was sold last year;
-           £2 million lower interest charges on lower borrowings; and
-           a £1 million negative exchange rate translation effect.

Outlook

Cookson continues to perform in line with management expectations and has exited
the first quarter with strong order books.  It is anticipated that the
underlying trading conditions experienced in the first quarter should be
maintained in the second quarter.

A conference call for shareholders and analysts will be held at 9:00am UK time
on Wednesday 28 April.  The call will be broadcast live on
www.cooksongroup.co.uk.

Shareholder/analyst enquiries:
Stephen Howard, Group Chief Executive                     020 7061 6500
Dennis Millard, Group Finance Director                    020 7061 6500
Lisa Williams, IR Manager                                 020 7061 6500

Media enquiries:
John Olsen, Hogarth Partnership                           020 7357 9477

Notes:

(1)     All financial information is preliminary and unaudited.

(2)     Operating profit and profit before tax are stated before all exceptional
items and goodwill amortisation.

(3)     This announcement contains forward looking statements about Cookson.
Although the Company believes its expectations are based on reasonable
assumptions, any such statements may be influenced by factors that could cause
actual outcomes and results to be materially different from those predicted.
These forward looking statements are subject to numerous risks and uncertainties
that could cause actual results to differ materially from those in such
statements, certain of which are beyond the control of Cookson.

About Cookson Group

Cookson Group is a leading materials technology company which provides
materials, processes and services to customers worldwide. The Group's operations
are formed into three divisions - Electronics, Ceramics and Precious Metals. The
Electronics division is a leading manufacturer and supplier of materials and
services to the electronics industry, primarily serving fabricators and
assemblers of printed circuit boards, assemblers of semiconductor packaging and
the electrical and industrial markets. The Ceramics division is the world leader
in the supply of advanced flow control and refractory products and systems to
the iron and steel industry and is also a leading supplier of refractory lining
materials for iron and steelmaking and other industrial processes. The Precious
Metals division is a leading supplier to the jewellery industry of fabricated
precious metals products.

Headquartered in London, Cookson employs over 15,600 people in more than 35
countries and sells its products in over 100 countries.

Cookson Group plc, 265 Strand, London WC2R 1DB
Tel: [phone] Fax: [phone]
www.cooksongroup.co.uk


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