Elementis PLC - London-based speciality chemicals - Improves to pretax profit in six months to June 30 of GBP34.5 million versus GBP53.4 million loss a year before. Revenue rises to GBP452.1 million from GBP386.5 million. Administrative expenses drops to GBP49.3 million from GBP111.5 million.
Chief Executive Paul Waterman says: "We have made a strong start to the year benefiting from the combination of focused strategy execution and improved industrial demand. While the significant demand recovery has triggered ongoing supply chain challenges and accelerating cost inflation across the globe, we are well positioned to manage these impacts. Overall, the group has encouraging trading momentum and is on track to deliver an improved financial performance and a reduction in leverage, in line with expectations."
"We are well positioned for material performance improvement that will support the delivery of our medium term financial ambitions," he adds.
Current stock price: 142.00 pence, down 3.7% on Thursday afternoon
Year-to-date change: up 24%
By Paul McGowan; paulmcgowan@alliancenews.com
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Elementis (ELM)