2nd Feb 2015 09:17
LONDON (Alliance News) - GTS Chemical Holdings PLC on Monday said the performances from all of its divisions beat market expectations in 2014 and said that as a result its revenue rose 46%.
The China-based specialty chemicals company said revenue for the year to December 31 was CNY704.6 million, up from CNY482.9 million the year before.
GTS said the performance in all of its operating divisions was ahead of market expectations for the year and said its expansion plans are now well underway following the acquisition of land. It is planning to bring one lubricant oil and four specialty chemical production lines online in 2015.
The group also reiterated its plans to pay a maiden full-year dividend.
"I am delighted by the group's progress in the period, which exceeded management and market expectations. GTS' main business divisions have grown faster than estimated at the time of our August 2014 IPO," said Chief Executive Officer Cheng Liu.
"With the acquisition of the new land now complete, the board believes that GTS is well positioned to begin the next phase of its expansion plans to increase capacity and improve efficiency," Liu added.
Shares in GTS were untraded on Monday morning, having last traded at 28.10 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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