25th Feb 2016 08:00
LONDON (Alliance News) - Bodycote PLC Thursday said it will pay another special dividend for the 2015 financial year and announced a rise in its ordinary dividend despite reporting a material drop in profit.
The specialty chemicals company reported a pretax profit of GBP75.0 million in 2015, falling 27% from GBP103.7 million in 2014 as revenue declined by 7% to GBP567.2 million from GBP609.1 million.
Alongside the fall in revenue, Bodycote's results were negatively impacted by USD20.0 million in reorganisation charges that were not booked in 2014. Operating profit in the year fell to GBP77.9 million from GBP107.0 million a year ago.
Bodycote increased its dividend by almost 5% to 15.1 pence from 14.4 pence, and announced another special dividend for 2015 of 10.0 pence per share. Bodycote also paid a special dividend of 20.0 pence per share back in 2014.
Bodycote said it paid the special dividend because it recognised its net cash position, which stood at GBP12.3 million at the end of the year.
In a separate statement Thursday, Bodycote said Finance Director David Landless and Non-Executive Raj Rajagopal will both retire from the board. Rajagopal will retire after the annual general meeting on May 27 whilst Landless has agreed to stay on to ensure a smooth handover and oversee the company's 2016 full year results.
By Joshua Warner; [email protected]; @JoshAlliance
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