Last checked at 26 Apr 2018 07:00
Elementis plc
AGM Trading Statement
Solid start to the year, confident of further progress in 2018
Elementis has made a good start to the year and is confident of making further financial and strategic progress in 2018.
Solid business performance
· In Personal Care our hectorite based products for the cosmetics market continue to experience growth across new product categories and geographies. Performance in anti-perspirant active ingredients has improved following pricing actions taken in 2017.
· In Coatings performance benefited from growth in EMEA and the Americas, and a steady performance in Asia.
· Energy has remained solid. As expected, growth has moderated against strong comparatives, with good performance in the US and rest of the world, and lower industry activity levels in Canada.
· Chromium continues to deliver resilient performance but exceptional weather conditions at our Castle Hayne plant constrained output in the first quarter. Production has since recovered and we continue to expect full year performance to be in line with 2017.
Sustained cash generation and robust financial platform
Elementis' strong free cash generation continued in Q1 and net debt reduced from the year end, assisted by the completion of the disposal of our Surfactants business in March. Our financial platform is robust and supportive of future growth and continued shareholder value creation.
Commenting on the performance, CEO, Paul Waterman said,
"Elementis has had a solid start to the year and we are confident of delivering continued progress in 2018, in line with our previous expectations."
Enquiries
Elementis plc
James Curran, Investor Relations Tel: 020 7067 2994
Tulchan
Martin Robinson Tel: 020 7353 4200