Elementis PLC - London-based speciality chemicals - Delivers a "solid performance" during the fourth quarter of 2022, despite "experiencing weaker trading conditions as the macro-economic environment deteriorated through the period". Underlying operating profit for 2022 is expected to be in the range of USD120 million to USD123 million in line with market expectations and significantly ahead of the prior year. Particularly, says Personal Care continued to perform strongly. "In Cosmetics, pricing actions more than offset continuing cost inflation and some weakening of demand in certain regions. AP Actives demand remained robust," Elementis adds. Expects net debt at the end of 2022 to be about USD367 million. Full-year 2022 results will be released on March 7.
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.
Current stock price: 120.20 pence
12-month change: down 15%
By Xindi Wei, Alliance News reporter
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Elementis (ELM)