German chemical group Bayer has reported continued growth in sales for the third quarter of fiscal year 2004, which is encouraging news as this has been achieved despite the sharp rise in raw materials and the strong euro. Group sales - for the period July to September - increased by 3.4% to reach €7.065 million. This increase has been attributed to sales growth in Europe, Asia, and South America. Although growth in Germany was slight at 2%, Europe as a whole recorded an 8% increase in sales.

All four of the company’s main divisions performed well, recording sales increases for the quarter. The group’s Bayer MaterialScience saw the largest increase at 18.1% to reach €2.228 million for the period. Lanxness made significant advances reporting an increase of 4.6% year-on-year to achieve sales of €1.471 million.

Bayer has now reviewed its sales and earnings forecast for the full year as a result of the third quarter figures, and now expects sales for 2004 as a whole to grow in line by the same percentage as in the first three quarters. “We are on the right track, both strategically and operationally…And we intend to prove that in the coming quarters,” said chairman of the management board, Werner Wenning.

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