I think you'll find this will explain:

UCM Group announces that sales for the fourth quarter of the current year to 31
December 2004 have slowed following a downturn in European demand for electrical
grade magnesia. Simultaneously, the UK operations are now experiencing
significant cost increases in electricity and gas supplies. All other aspects of
the business are well ahead of last year, particularly the performance from USA
plants and the Chinese venture, which is experiencing increased sales momentum.
Overall, the Board now expects that the Group will achieve pre-tax profit for
2004, approximately 15% higher than that achieved in the last financial year.
(pre-exceptionals).