15 March 2012 12:11 [Source: ICIS news]
LONDON (ICIS)--Shares in Yule Catto rose on Thursday after Swiss investment bank UBS raised the ?xml:namespace>
At 11:12 GMT, Yule Catto’s shares on the London Stock Exchange were trading at 229.85p, up by 0.42% from the previous close.
On Wednesday, Yule Catto reported a net loss of £5.30m ($8.41m, €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.
However, excluding the loss from discontinued operations, Yule Catto’s underlying net profit in 2011 almost doubled to £63.7m from £32.2m in 2010.
“Full year 2011 profitability was in line with consensus as easing key raw material prices such as butadiene helped offset severe fourth quarter destocking [-13% volume declines],” UBS said.
“This has not continued into 2012, with Yule Catto volumes improving sequentially quarter on quarter [but still below year on year] and management expects to make further progress throughout the year,” it added.
UBS maintained a "buy" rating for Yule Catto.
($1 = £0.64, €1 = £0.83)
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