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Prices & Quotes - UK Markets - Elementis (ELM)

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Share Price:
Down 149.00p
Change Today:
-3.30p
Market Cap:
866.71m
Sector:
Chemicals

Elementis FY revenues and adjusted pre-tax profits slump in 2020

By Iain Gilbert

Date: Tuesday 23 Mar 2021

LONDON (ShareCast) - (Sharecast News) - Diversified chemicals group Elementis said on Tuesday that despite demand recovering in the second half of the year, revenues and adjusted pre-tax profits were both expected to have recorded double-digit declines in 2020.
Elementis now expects to report full-year revenues 14% lower than the prior-year at $751.0m, principally due to Covid-19 related volume impact across industrial and consumer end markets, while adjusted pre-tax profits were pegged to be $53.0m, down 44% on the prior year.

The FTSE 250-listed firm also warned that it foresees a statutory loss after tax of $67.0m, primarily due to non-cash goodwill impairments across energy and talc assets booked in the first half due to Covid-19 impacts.

Adjusted operating profits were down 34% at $82.0m, in line with expectations, with good coatings performance, pricing resilience and cost savings offset by lower volumes.

Net debt was reduced by $46.0m to $408.0m due to a strong operating cash conversion of 137% and the suspension of the group's dividend.

Looking forward, Elementis said it had made "an encouraging start" to 2021, but added it was cautious on its outlook due to the Covid-19 dynamic.

Chief executive Paul Waterman said: "We will continue to maintain our focus on self-help actions to optimise performance, and in 2021 expect to deliver more than $30.0m of new business opportunities, over 20 new products and $10.0m of cost savings.

"The fundamentals of our business remain strong and we have high-quality assets with enduring competitive advantages. I am confident that the implementation of our Innovation, Growth and Efficiency strategy, in combination with our self-help actions, will position Elementis to capture growth, deliver our medium-term financial ambitions and generate significant shareholder value".

As of 0845 GMT, Elementis shares were down 2.42% at 121.0p.

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

Elementis Market Data

Currency UK Pounds
Price 149.00p
Change Today -3.30p
52 Week High 161.70p
52 Week Low 61.75p
Volume 380,271
Shares Issued 581.69m
Market Cap 866.71m

Performance Indicators

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What The Brokers Say

Strong Buy 5
Buy 1
Neutral 3
Sell 1
Strong Sell 1
Total 11
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Elementis Dividends

  Latest Previous
  Final Interim
Ex-Div n/a 05-Sep-19
Paid n/a 27-Sep-19
Amount 0.000¢ 2.80¢

Trades for 15-Jun-2021

Time Volume / Share Price
10:13 190 @ 149.00p
10:13 400 @ 149.00p
10:13 400 @ 149.00p
10:13 1,640 @ 148.90p
10:13 175 @ 148.90p

Elementis Key Personnel

Chair Andrew Duff
CEO Paul Waterman