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Prices & Quotes - UK Markets - Sanne Group (SNN)

Risk Warning The value of investments can fall as well as rise and any income from them is not guaranteed and you may get back less than you invested. Past performance is not a guide to future performance.

Share Price:
Down 579.00p
Change Today:
-2.00p
Market Cap:
852.81m
Sector:
Financial Services

Elementis's bottom line hit by impairment charges in 1H

By Alexander Bueso

Date: Tuesday 28 Jul 2020

LONDON (ShareCast) - (Sharecast News) - Elementis swung to a first half loss as the Covid-19 pandemic hammered the company's top line and led management to book big impairments for its energy and Talc assets.
But management sounded a confident note on the outlook, pointing to the 'self-help' initiatives that were already underway and a raft of planned new product launches.

For the six months ending on 30 June, the specialty chemicals and personal care business reported a 14% drop in sales to reach $387m as Covid-19 weighed on volumes in its industrial end markets.

It also incurred in non-cash goodwill impairment charges of $60m.

As a result, on a statutory basis, the group's fell into an after tax loss of $51m, against $40m in profits for the comparable year ago period.

However, the company described the performance of its Coatings and Personal Care business as "resilient", helped by cost savings, including for raw materials and steady price/mix.

On costs, management said $10m of in-year savings were already in the pipeline, alongside accelerated progress on its $15m medium-term efficiency programme, and a further $5m expected from a 2019 restructuring of its organisation.

An additional $10m of supply chain savings were now also expected to materialise sooner, in 2021.

Net debt also reduced, from $509m one year back to $453m, which was roughly in line with estimates from UBS analyst Andrew Stott.

That left the company's leverage at 3.1 times its earnings before interest, taxes, depreciation and amortisations, versus a recently relaxed debt covenant ceiling of 3.75 times.

Immediately available group liquidity at period end stood at over $300m.

According to the company, the businesses' fundamentals remained "strong" and the company was well-positioned for sustainable growth, remaining on track for more than $30m of new business opportunities and with 26 new product launches scheduled for over 2020.

Elementis also unveiled new 2030 targets for green house gas emissions, energy efficiency, and improved water and waste management.

As of 0900 BST, shares of Elementis were 3.73% lower to 76.05p.



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Sanne Group Market Data

Currency UK Pounds
Price 579.00p
Change Today -2.00p
52 Week High 728.00p
52 Week Low 468.50p
Volume 41,988
Shares Issued 147.29m
Market Cap 852.81m

Performance Indicators

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What The Brokers Say

Strong Buy 6
Buy 0
Neutral 3
Sell 0
Strong Sell 1
Total 10
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Sanne Group Dividends

  Latest Previous
  Interim Final
Ex-Div 17-Sep-20 23-Apr-20
Paid 16-Oct-20 20-May-20
Amount 4.80p 9.40p

Trades for 26-Nov-2020

Time Volume / Share Price
15:38 25 @ 579.00p
15:34 28 @ 578.00p
15:34 2 @ 578.00p
15:34 83 @ 578.00p
15:34 88 @ 578.00p

Sanne Group Key Personnel

CFO James Ireland
CEO Martin Schnaier