Harrisons and Crosfield plc, the pre-cursor to Elementis, was a large, diversified conglomerate. In 1997, the company directors took the decision to concentrate the business around its performance chemicals expertise and in 1998 relaunched as Elementis plc.
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Trading in the period has continued to be in line with our
expectations, with volumes having stabilised at higher levels than
those experienced during the first six months of the year and
contribution margins remaining steady. Customer ordering patterns
have improved, but still remain cautious with no evidence of any
material restocking at present. Cost reductions announced at the
beginning of the year are benefiting operating profit as planned.
In Specialty Products sales volumes in the third quarter were 10 per
cent higher than for the second quarter, although still 17 per cent
lower than the same period last year, excluding acquisitions. Volumes
improved in all key markets and geographies and, in particular,
business in China has continued to be robust.
In Chromium sales volumes in the third quarter improved by 28 per
cent compared to the second quarter, albeit from a low base, and
volumes remain over 40 per cent down on the same period last year.
The closure of the UK facility, announced at the end of April, is
progressing as planned with costs and cash flow in line with
expectations.
The Group's balance sheet remains strong and existing bank
facilities, which were put in place in 2006, are not due for renewal
until 2011.
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