Interim Management Statement

RNS Number : 9921V

Yule Catto & Co PLC

11 November 2010

 



 

11 November 2010

Yule Catto & Co plc 

Interim Management Statement

Yule Catto & Co plc (the "Group"), the international producer of speciality chemicals, today issues its interim management statement for the period 1 July to 10 November 2010.

Profitability has continued at similar levels to those seen in the first half.

Within Polymer Chemicals, monomer prices continued to rise, albeit at a lower rate than the first half, and the business continued to recover these increases in its end markets.  Volumes remained robust in most segments, though the weak volumes in the low margin compound business persisted.  The construction of the Group's additional nitrile capacity in Malaysia is running to plan and it should be producing at the end of the first quarter next year.

Pharma Chemicals is seasonally weak in the third quarter due to the summer shutdown period in continental Europe, but trading was comfortably ahead of the comparable period last year, benefiting from a continuing strong order book.

The performance of William Blythe, the Group's remaining Impact Chemicals business, was in line with the first half of the current year, and is well ahead of prior year.

In September, the Group repaid the £33 million current instalment of its term loans from available cash resources and without recourse to its three year £30 million revolving bank loan.  Year end net debt is expected to be substantially below the start of the year.

The Group remains on track to deliver the Board's full year expectations set out at the time of the half year results.

- Ends -

ENQUIRIES:

Yule Catto & Co plc	Tel: [phone]
Adrian Whitfield, Chief Executive
David Blackwood, Group Finance Director
MHP Communications	Tel: [phone]
Andrew Jaques
John Olsen
Ian Payne

 

END

 

 

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