Neville Prior 31 July 2012 04:35:01 PM
Cornelius' principal, Elementis Plc
said profit rose 12 percent for the first half and that began a special dividend programme to pay out as much as half of year-end net cash to shareholders. Elementis, which makes chemicals to enhance the texture of paints and cosmetics, said pre-tax profit rose to $79 million (50.2 million pounds) for January-June from $70.6 million a year earlier. Revenue rose 1 percent to $401.3 million, helped by growth in its specialty products and chromium business. The company's operating margin expanded to 20.1 percent from 18.2 percent a year earlier. Elementis also instituted a special dividend programme, in addition to its ordinary dividend. "At any year-end when the group is in a net balance sheet cash position and there are no immediate investment plans for that cash, the group will pay an additional special dividend of up to 50 per cent of the net cash amount," Chairman Robert Beeston said in a statement. At the end of the first half, the company had $29.9 million in net cash.