Elementis PLC Trading Update
RNS Number : 7365Y
18 January 2022
FY 21 adjusted operating profit modestly ahead of
Leverage reduction on track
Elementis plc ("Elementis" or the "Group"), a global specialty
chemicals company, today issues a trading update for the three
months and year ended 31 December 2021.
The Group has delivered a good fourth quarter performance, with
double-digit year-on-year underlying revenue growth, agile supply
chain management and self-help actions. As a result, adjusted
operating profit for 2021 is expected to be in the range of
$105-107m, modestly ahead of expectations*.
-- Coatings performed well in Q4, and ahead of the prior year.
As a result of pricing actions and volume growth, the business will
deliver improved operating margins versus 2020.
-- Personal Care performance in Q4 improved on the prior year.
Demand continued to recover in cosmetics, as social and travel
restrictions begin to ease, albeit still at levels below 2019.
-- Talc performance in Q4 was below prior year as semi-conductor
supply shortages continued to reduce automotive related demand.
-- Chromium performance improved on the prior year as strong
industrial demand was supported by improved pricing trends as
global industry capacity utilisation increased.
In the fourth quarter we have continued to successfully deliver
our Innovation, Growth and Efficiency strategy. For the full year
2021 we launched over 20 new products, won more than $35m of new
business and delivered $10m of in year cost savings.
Net debt (excluding lease liabilities) at the end of 2021 is
anticipated to be approximately $400m, representing a leverage
ratio of 2.6x net debt to EBITDA**, and a significant reduction
compared to 3.2x reported at the 31 December 2020.
Full 2021 results will be released on 3 March 2022 at 7am (UK)
and will be available via the Elementis Plc website.
James Curran, Investor Relations Tel: 020 7067 2994
Martin Robinson Tel: 020 7353 4200
* Based on company compiled consensus, the Board believes the
average market forecast for 2021 adjusted operating profit to be
**Excluding IFRS 16 impact
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(END) Dow Jones Newswires
January 18, 2022 02:00 ET (07:00 GMT)
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