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(Alliance News) - Elementis PLC on Wednesday said it delivered a "good" performance in the third quarter of 2022, with underlying revenue growing by double-digits.
Shares were up 2.7% to 96.50 pence each on Wednesday morning in London.
The FTSE-250 Chemicals firm said revenue growth during the period was boosted by its Personal Care and Coatings businesses.
"Overall, the group saw strong performances in the Americas, with lower demand in Europe and continuing market weakness in China. The full-year outlook for the group remains unchanged," it added.
In Personal Care, the company said it is expected to deliver full-year performance "substantially" ahead of last year, with "market demand and pricing actions in both Cosmetics and AP Actives driving strong sales growth and margin expansion versus the prior year period".
In Coatings, Elementis said the business is on track to deliver annual performance "significantly" ahead of last year.
In 2021, Personal Care revenue amounted to USD175 million, while Coatings revenue reached USD384 million.
Chief Executive Paul Waterman said: "We expect the market environment to remain challenging, but are confident that by continuing to execute effectively on our strategy we will make further progress towards achieving our medium-term goals."
Looking ahead, it expects to deliver full-year financial performance in line with expectations.
In August, Elementis reported a 6.0% rise in revenue to USD478.3 million for the six months that ended on June 30 from USD452.1 million a year earlier. Pretax profit, however, decreased by 20% to USD27.6 million from USD34.5 million, as administrative expenses rose by 53% to USD75.6 million from USD49.3 million.
By Xindi Wei; xindiwei@alliancenews.com
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