The difference is that oil companies restocked fuel last September, but destocked
this September as the government urged them to produce cleaner fuels.
In a very uncertain market environment and while the costs of raw materials are falling, customers have destocked
and pushed back their orders.
Zinc price shows weakness, inventories could be destocked
PWC fears that some businesses have cut back and destocked
heavily and may now need to loan money to fund the delivery of new contracts.
Mr Scott-Maxwell said the division, which includes two factories in Witton and Tyseley, had a successful second half after a weak first quarter as wholesalers destocked
and the rest of Europe, sales fell substantially with a number of defense projects ending and the demand for spares and repairs declining as airlines destocked
and laid up aircraft.
As credit dried up, so industry participants destocked
their inventories, driving rough diamond prices.
Mr Scott-Maxwell said the group was suffering as sales in its UK electrical business slowed while customers destocked
Champagne revenue was impacted by the high stock levels at distributors who destocked
massively in the first half.