REG - Elementis PLC - Trading Update

ElementisAnnouncement

18/01/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240118:nRSR0684Aa&default-theme=true

RNS Number : 0684A  Elementis PLC  18 January 2024

 

18 January 2024

 

 

 

 

Elementis plc

Trading Update

 

Results slightly ahead of expectations, material deleveraging progress.

Elementis plc ("Elementis" or the "Group"), a global specialty chemicals
company, today issues its scheduled trading update for the three months and
year ended 31 December 2023.

 

Business performance

The Group has delivered a resilient fourth quarter performance, with strong
profit and revenue growth compared with a weak Q4 2022. As a result, adjusted
operating profit for the financial year 2023 is expected to be in the range of
$102-104m, slightly ahead of expectations(1), and up on the prior year (2022:
$100.5m).

 

Implementation of the growth and efficiency platforms presented at the
November 2023 Capital Markets Day is on track. We remain committed to
delivering our financial targets, including an operating margin of above 19%,
by 2026.

 

Balance sheet

Net debt at the end of financial year 2023 is anticipated to be approximately
$201m (pre IFRS 16), ahead of expectations(1) and materially down on the prior
year (31 December 2022: $367m). This represents a leverage ratio of
approximately 1.5x net debt to EBITDA (pre IFRS 16), down from 2.2x at the
start of the year.

 

Full year 2023 results will be released on 7 March 2024.

 

Note: 1. Based on company compiled consensus: FY 2023 adjusted operating
profit of $102m and net debt (pre IFRS 16) of $229m.

 

Enquiries

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

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

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  TSTMZGMMRNMGDZM