News

Yule Catto on track but pressure mounting

14 November 2008 07:57:00

Chemicals group Yule Catto still expects 2008 profits to be ahead of last year, but warned evidence of the global slowdown has become more evident as the year has progressed.

"Overall, in line with our view at the half year, we continue to expect our full year underlying profit before tax to be modestly ahead of 2007," Yule said.

In Polymer Chemicals, our latex business in both Europe and the Far East enjoyed good volumes particularly in nitrile. Margins remained under pressure in the third quarter as monomer prices generally increased, though these costs are now starting to fall.

The Pharma business has seen volume reductions through the second half, as customers have de-stocked in response to the economic downturn, and Yule now expects its full year profits to be below 2007.

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