(Sharecast News) - Speciality chemicals and personal care company Elementis saw profits and revenues rise in 2021 as volumes recovered across most of its end markets.
In the year to the end of December, adjusted pre-tax profit grew 46% to $77m on revenue of $880m, up 17% on 2020.
Elementis said sales growth was driven by strong new business momentum, targeted pricing actions to offset inflationary cost increases and volume recovery across most of its end markets after the prior year was hit by Covid-related disruption.
Revenues in the personal care segment rose 6% to $175m, while revenues in the coatings business were up 17% to $384m. In the talc and chromium segments, revenues were up 9% and 16%, respectively, to $150m and $171m.
Chief executive Paul Waterman said: "In 2021 our financial performance was much improved, benefitting from the combination of focused strategy execution and improved industrial demand. In an environment of continued supply chain challenges and accelerating inflation, the group has demonstrated its resilience and the importance of our continued efficiency focus and targeted pricing actions.
"We have made an encouraging start to 2022 and expect to deliver an improved financial performance. Continued implementation of our strategy will enable the delivery of $50m of new business opportunities, the launch of 20 new products and progress towards an additional $10m of cost savings by 2023."
At 1030 GMT, the shares were down 2.5% at 119.40p.
Elementis (ELM)