REG - Elementis PLC - Third Quarter Trading Update

ElementisAnnouncement

31/10/2023 07:00

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RNS Number : 7710R  Elementis PLC  31 October 2023

 

31 October 2023

 

 

 

Elementis plc

Third Quarter Trading Update

 

Outlook unchanged, delivering resilient performance in line with expectations.

Elementis plc ("Elementis" or the "Group"), a global specialty chemicals
company, today issues its scheduled trading update for the three months ended
30 September 2023 ("the quarter").

 

Third quarter business performance

The Group delivered a resilient performance as expected, in continued
challenging market conditions, with Q3 revenue at a similar level to that seen
in the first and second quarters. Against the prior year period, revenue was
down 5% (down 7% on a constant currency basis), with lower revenues across
both business segments. We remain focused on self-help actions including new
business opportunities, price management and cost discipline.

 

Personal Care sales in the quarter were sequentially stable, but below a
strong prior year period. We saw continued strong growth in Asia.

Performance Specialties delivered resilient performance as continued market
related volume weakness across both Coatings and Talc was partially offset by
pricing and mix benefits.

·    Coatings sales were sequentially stable, though below the prior year
period, with Asia showing modest improvement compared with the previous two
quarters.

 

·     Talc continued to benefit from self-help actions, with higher profit
compared to the weak prior year period. We continue to focus on financial
turnaround and pursuing new business opportunities.

 

Outlook

The Group is well positioned to deliver full-year financial performance in
line with expectations, despite continuing weakness in underlying
macro-economic conditions. Leverage reduction remains on track supported by
continued inventory improvement in Q3.

 

Paul Waterman, CEO of Elementis, said:

"Elementis delivered a resilient third quarter performance, as we continued to
focus on product innovation and customer relationships, while maintaining
strong cost discipline. Despite the industry and macroeconomic conditions
remaining uncertain, we remain well positioned to take advantage of growth
opportunities across our market segments.

Following the sale of Chromium earlier this year, Elementis is now a focused
specialty chemicals business. We look forward to providing detail about our go
forward strategy at the upcoming Capital Markets Day."

 

Capital Markets Day

Elementis is hosting a Capital Markets Day on 14(th) November, at WPP, Sea
Containers House, London, starting at 2.00 pm GMT.

Webcast will be available for those unable to attend. Registration for
physical and virtual attendance is required, and can be accessed via the link
Viewing "Elementis Capital Markets Day " (investis-live.com)
(https://www.investis-live.com/elementis/65141c016dedf60c00f0e280/eade) .

 

Enquiries

Investors:          Eva Hatfield, Elementis
plc                                Tel: +44 7553
340380

Press:               Martin Robinson/Olivia Peters,
Teneo                 Tel: +44 (0) 20 7353 4200

 

 

 

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