HIGHLIGHTS
Group earnings declined due to the negative impact of currency on our Chromium segment and oil prices on the Energy sector within our Specialty Products segment.
Progress overall in Specialty Products where constant currency sales were up 3 per cent in 2016 and up 8 per cent in H2 2016 versus the same period last year.
o Coatings sector up 4 per cent for the year; 6 per cent growth in Coatings Asia.
o Personal Care sector up 14 per cent, with good momentum in H2 which was up 23 per cent year on year.
o Energy down 16 per cent for the year but H2 2016 sales improved by 15 per cent compared to H1.
Proposed acquisition of SummitReheis, a high quality personal care business, was announced on 10 February 2017 - expected to complete mid-year after regulatory requirements are satisfied.
Continued strong cash generation - net cash position increased to $77.5 million.
Total dividends for the year increased by 2 per cent to 16.80 cents:
o Final dividend maintained at previous year level.
o Special dividend increased by 4 per cent; fifth consecutive payment.
