(Sharecast News) - Chemicals company Elementis said on Thursday that it had delivered "a strong third-quarter performance" as trading continued to improve.
Elementis said third-quarter revenues were up 16% year-on-year on an underlying basis, driven by higher volumes and pricing actions.
While Elementis acknowledged that there were "material global supply chain challenges", such as raw material availability, logistical bottlenecks and rising inflation, the FTSE 250-listed group stated it had successfully managed their impacts via supply resiliency, self-help actions and the implementation of price increases.
As a result, Elementis said its full-year outlook remained unchanged, with the group expecting to deliver an "improved financial performance" and a reduction in leverage.
Elementis added that the second half of the year was also expected to follow "a normal level of seasonality", with continued demand recovery and self-help actions mitigating near-term margin headwinds from accelerating cost inflation and supply chain constraints.
Chief executive Paul Waterman said: "We have delivered a strong third-quarter performance, have good trading momentum and are taking proactive steps to mitigate both rising inflation and global supply chain challenges.
"The delivery of our strategy, alongside a continued post-Covid-19 demand recovery, is expected to drive a material, multi-year performance improvement, underpin the delivery of our medium-term group financial objectives and generate significant shareholder value."
As of 0900 BST, Elementis shares were up 0.98% at 142.49p.
Elementis (ELM)1 Jun 2024 13:58
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