Yule Catto & Co plc (YULC.L) said that profitability for the period January 1, 2012 to date was substantially ahead of prior year and in line with the Board's expectations, in what has been a very challenging environment.
In an Interim Management Statement, the company noted that the economic issues, particularly in Europe, have produced an environment of high raw material volatility and a general lack of business confidence.
In the company's Europe and North America segment, volumes in the first quarter were 11% below what was a strong start to 2011.
The Board also noted the current weakness of the euro which has hit 1.25 against sterling in recent days, having averaged 1.20 over the first four months of 2012, and 1.15 through 2011. Yule Catto made a little over half of its operating profit in the euro zone in 2011. The translation effect of a one cent movement in the euro equates to approximately 0.5 million pounds of operating profit.
The environment remains both challenging and volatile. Against this background, the Board is pleased with the Group's financial performance year to date, and its expectations for the performance of the Group over the remainder of the year remain unchanged.
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