GTS Chemical Holdings reports maiden dividend after strong results

27th May 2015 14:06

GTS Chemical Holdings impressed the market on Wednesday with its maiden dividend, as the company delivered results ahead of market expectations across the board.The speciality chemicals producer and China's largest producer of ammonium sulfite, said it delivered "another period of very robust growth".It proposed its first full-year dividend of 1.8p per share, which it says is equal to 5% of its initial public offering issue price. The group listed on the AIM market last August.Pre-tax profits jumped 33.8% to RMB102.4m (£10.8m) on revenues that jumped 45.9% to RBM704.6m (£74.1m).Chief executive Cheng Liu said the outlook for GTS's core business segments is "strong"."Growth in Specialty Chemicals continues to be underpinned by our contract with Tralin Paper, which is continuing with its own expansion plans, and by the expansion of other customer networks."[...] We also expect the growth in Lubricant Oils sales to continue to rise as we increase our distributor network and brand recognition."The stock was up 6.1% at 61p in afternoon trade.