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Trading statements

Elementis reports positive start to year

25 April 2017 07:52

Elementis has made a good start with first quarter trading underpinned by stronger demand across most of its markets compared with a year ago, according to an update issued ahead of today's annual general meeting.

The update said: "In Specialty Products, our Coatings business sector started well and we saw notably strong growth in our Personal Care and Energy business sectors.

"In our Chromium segment there were some indications of improved demand outside North America.

"In Surfactants we are benefiting from short term favourable pricing conditions which are not expected to continue indefinitely.

"This represents a positive start to the year and we remain on track to grow operating profit across our three segments in 2017.

"On 20 March 2017, we announced the sale of our non-core US colourants business and the closure of our Jersey City facility as part of our strategy to review our non-core and disadvantaged assets.

"On 24 March 2017, we completed our acquisition of SummitReheis and have started the integration process.

"It is a high quality business and we are delighted to have it in our portfolio.

Commenting on the company's performance, chief executive Paul Waterman said: "We are off to a good start in 2017 as trading was strong across our businesses.

"Last November we committed to reignite growth at Elementis by focusing on four strategic priorities: pursuing the best growth opportunities, transforming our global supply chain, innovating for distinctiveness and high margins and creating a culture of high performance.

"We are excited to integrate SummitReheis into our Personal Care sector and look forward to completing this by the end of the year.

"Overall, while uncertainties exist we believe continued focus on implementing our strategy will underpin continued progress in 2017."

Story provided by StockMarketWire.com

Related Company: ELM

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