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Yule Catto profit rises 27%, to resume divi

Speciality chemicals maker Yule Catto reported a 27% rise in 2009 pre-tax profit and said it would it would be recommencing dividend payments in 2010.

Pre-tax profit rose to £41.5m for the year ended 31 December 2009 from £32.7m in 2008. The group, which generates 44% of revenue in Asia and other high growth developing countries, reported revenue of £527.9m, down 9.7% after a weak performance from its core polymer business.

Looking ahead to future trading chief executive Adrian Whitfield said, "We expect western economies to grow slowly for several years with global growth generally driven from emerging markets."

He added, "We have robust positions within our chosen market sectors, a healthy new product pipeline, and a significantly strengthened balance sheet. Against this background 2010 has made a solid start and we are confident about the prospects for the group in the years ahead."

Net debt reduced 35% to £88m. Yule Cato has recommended that the full year dividend for 2010 will be no less than 5p per ordinary share.

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