Business
Half Yearly Report
Half Yearly Report.
About this update from Synthomer Plc
[{"type":"text","content":"\n \nRNS Number : 0748N Yule Catto & Co PLC 26 August 2011 \n \n\n26 August 2011\nYule Catto & Co plc\nInterim Results for the six months ended 30 June 2011\n \nYule Catto & Co plc (\"Yule Catto\" or the \"Group\"), the international producer of speciality chemicals, is pleased to announce its interim results for the six months ended 30 June 2011.\nHIGHLIGHTS*\n· Very successful first half; strong increase in sales and profits, benefiting from good growth in Asia and the acquisition of PolymerLatex\n \n· Underlying Profit before tax of £43.5m - up 81%\n \n· Underlying earnings per share of 10.0p - up 23%\n \n· Interim dividend of 1.2p per ordinary share; commitment to at least 3.0p for full year\n \n· Total sales of £547.7m - up 65%\n \n· Over 40% of Polymer sales in Asia and other high growth markets \n \n· PolymerLatex integration on track - good progress on synergy delivery\n \n* Before special items, analysed in note 3 and as defined in note 16\n \nAdrian Whitfield, Chief Executive, commented:\n \n\"The Group had an excellent first half, delivering strong growth in underlying earnings. We have benefited from our position in Asia, where we experienced strong demand for our products, and the PolymerLatex acquisition is delivering synergies in line with our original plans.\n \nWe remain cautious regarding the wider economic outlook given the recent turmoil in the equity markets, and the expectations of weakening global demand which we have seen some evidence of during July and August. However, Yule Catto's strong portfolio of market leading products, our high percentage of sales into Asia and other developing economies, and our near term synergy benefits from the PolymerLatex acquisition underpin the Board's confidence in the Group's prospects for the medium term.\n \nWhilst the Board anticipates performance in the second half will likely be affected by current macro-economic difficulties, and the usual seasonal effects, in aggregate, with the benefit of the synergies from the PolymerLatex acquisition, full year earnings are ex...