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Interim Results

Elementis sees double-digit growth

01 August 2017 08:05

Adjusted operating profits at Elementis rose by 26% to $67.6m in the six months to the end of June.

Sales increased by 24% to $414.8m and pre-tax profits of $54.1m were up 17% on last time.

Chief executive Paul Waterman said: "The first six months of 2017 have been positive for Elementis. Operating profit has grown across all our business segments, our Reignite Growth strategy is showing early signs of delivery and the integration of SummitReheis is on track.

"Trading for the Group in the first half was underpinned by stronger sales across our end markets.

"In Specialty Products, we made significant progress in Personal Care and Energy.

"In Coatings we have been taking pricing action to address margin compression.

"In Chromium our performance benefited from more robust demand and we have implemented price increases in response to higher raw material costs.

"In Surfactants results were exceptionally strong due to short term favourable conditions.

"Our Reignite Growth strategy is gaining momentum. As part of our supply chain transformation we announced the disposal of our US colourants business and the closure of the Jersey City site.

"We are also pursuing the potential sale of our Surfactants business. Our innovation pipeline is showing promise and new product launches are driving sales growth across business lines and geographies.

"New product and capital investment processes, combined with enhanced and standardised management information and reporting, is improving the efficiency and effectiveness of resource allocation.

"The integration of SummitReheis, the global market leader for anti-perspirant and deodorant actives, is progressing very well and is on track to conclude by the end of 2017.

"As expected the business has already improved the returns profile of Elementis and, having had the opportunity to fully engage with its management team, we are excited about the opportunities for a material Personal Care segment that combines SummitReheis with our existing fast growing Personal Care operations.

"Looking forward we see significant potential for Elementis as we focus on delivery of our Reignite Growth strategy. We remain confident in our ability to make progress in 2017 and beyond."

At 8:05am: (LON:ELM) Elementis PLC share price was +3.05p at 299.45p

Story provided by StockMarketWire.com

Related Company: ELM

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