14 March 2012 11:43 [Source: ICIS news]
LONDON (ICIS)--Yule Catto & Co swung to a net loss of £5.30m ($8.28m, €6.39m) for the full year of 2011 from a net profit of £55.3m in 2010, as the company incurred losses from discontinued operations, the ?xml:namespace>
Yule Catto’s 2011 net loss was reported in accordance with International Financial Reporting Standards (IFRS).
Yule Catto was also hit with restructuring and acquisition costs relating to the purchase of Germany-based emulsion polymer producer PolymerLatex from private equity company TowerBrook Capital Partners for £388m in March 2011.
Group revenue on an IFRS reported basis increased by 86% year on year to £1.06bn, reflecting the effect of the PolymerLatex acquisition, Yule Catto said in a preliminary report.
“With the increased scale created by the PolymerLatex acquisition, and the subsequent sale of our pharma business, Yule Catto has now become a substantial focused speciality polymer business with a strong and diversified portfolio of products and well invested facilities in Europe and Asia,” said Adrian Whitfield, group CEO.
“Whilst the general economic environment requires a degree of caution, I am pleased that the business has made a solid start to the year, and the board remains confident about the prospects for the group in 2012 and beyond,” he added.
The company said it is focused on geographic expansion around existing business hubs, further increasing its presence in emerging markets, and in developing market sectors in which the group’s technology, product development and manufacturing capabilities provide a competitive advantage.
Excluding the loss from discontinued operations, Yule Catto’s underlying net profit in 2011 almost doubled to £63.7m from £32.2m in 2010.
($1 = £0.64, €1 = £0.83)
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