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Trading statements

Elementis EPS to be below forecasts

22 June 2016 09:35

Elementis expects earnings per share for the year as a whole to be below the range of market forecasts.

Elementis says speciality products has continued to make progress, in line with the Interim Management Statement issued in April. In coatings, sales of decorative products from the New Martinsville plant continue to make good progress and sales in Asia Pacific have resumed a growth trend, following the destocking and adjustment that took place in the Chinese economy in the second quarter of 2015.

Sales in personal care continue to show impressive growth based on new products and geographic expansion. In oilfield, sales have remained relatively stable, following the sharp downturn experienced in the first half of 2015.

In chromium, as previously indicated, sales and contribution margins in North America for the first six months of the year are expected to be similar to the previous year. However, market conditions outside of North America continue to be challenging due to currency weakness against the US dollar, particularly in Eastern Europe.

As a result, sales and margins outside of North America for the year as a whole are expected to be materially lower than the previous year

Consequently, earnings per share for the year as a whole are expected to be below the range of market expectations.

Elementis says strong cash flow generation continues to be a feature of the group's performance in 2016 and the net cash balance at the end of the year is expected to be ahead of the previous year.

At 9:35am: (LON:ELM) Elementis PLC share price was -21.65p at 204.75p

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