Akzo Nobel surges 7% but Europe demand still weak
Shares of Dutch paints and chemicals company Akzo Nobel rose by 7 percent on Monday morning after the group said that its performance improvement program for the year was still on track and unveiled profit figures that matched market expectations.
Third-quarter profit before interest, tax depreciation and amortization came in at 456 million euros ($623 million), compared to estimates of 457 million euros in a Reuters poll.
Chief financial officer Keith Nichols told CNBC however demand in its European market was still weak.
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"We are not seeing a dramatic upswing from the European markets, they remain challenging," Nichols told CNBC Monday.
"Our end markets, in Europe particularly, they remain soft but we are benefiting from a large restructuring program."
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The company's own "self-help measures" are expected to incur about 160 million euros of restructuring charges in the current quarter and 300 million euros for the full year.
"We continue to focus on doing the right things," he said, indicating that as long as the market stays stable, AkzoNobel will make progress.
— CNBC.com's Matt Clinch. Follow him on Twitter @mattclinch81