Yule Catto shares jump on profits
Shares in Yule Catto, the Essex headquartered polymer business, jumped almost 10% this morning after it announced it had doubled profits in 2011.
Shares in Yule Catto, the Essex headquartered polymer business, jumped almost 10% this morning after it announced it had doubled profits in 2011.
The price was also boosted by the firm saying it had enjoyed a solid start to 2012.
"Looking forward, we continue to anticipate several years of low growth in western economies with global growth generally driven by emerging markets, where we have a significant and increasing presence," said Chairman Peter Wood.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
![https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg](https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748-320-80.jpg)
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Underlying profit before tax at the firm was up 99% to £84.8m in 2011, largely due to its PolymerLatex acquisition in March, which doubled the size of the business.
It announced a final dividend of 2.3p per share, making a total dividend per share for the full year of 3.5p, 35% higher than 2010.
The firm said 2011 had been a pivotal year, with November seeing the sale of its pharmaceutical arm, making it a wholly specialised polymer business.
Going forward Yule said that it anticipated that by the end of March 2013 the annual run rate of synergies will be £25 million from its acquisition of PolymerLatex.
This should result in a benefit to operating profit in 2012 of some £15 million compared to 2011, the firm said.
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
-
Regulator moves to protect access to cash amid branch closures and disappearing ATMs
News The Financial Conduct Authority has told banks to start assessing if local communities have adequate cash access from mid-September
By Marc Shoffman Published
-
VAT hike on private school fees could come earlier than previously expected
The government could start charging VAT on private school fees as soon as January 2025, according to the latest reports. What does it mean for parents?
By Katie Williams Published