26th Apr 2023 10:40
(Alliance News) - Elementis PLC on Wednesday said that its first quarter performance was "resilient".
The London-based speciality chemicals company said that trading has been "resilient" in the first quarter of 2023, against continued subdued market demand conditions.
Revenue was flat on an underlying basis against a strong prior year period.
In Performance Specialties, underlying performance was below the prior year period. It said that this was due to continued challenging demand conditions across coatings markets against a strong prior year comparative.
Meanwhile, Personal Care underlying performance improved on the prior year period. Volumes were broadly stable as new product launches and new business success helped to offset market weakness in Asia, the company explained.
Elementis said that this is "as expected", with the benefits from self-help and pricing actions offsetting market related volume softness in Coatings.
Looking ahead, Elementis said it is confident that full-year results will be in line with expectation, with further strategic progress driving its performance.
Chief Executive Officer Paul Waterman said: "We have made a solid start to the year and will continue to maintain our focus on self-help actions and effectively managing the challenging demand environment. We remain on-track to deliver over USD50 million of new business opportunities, 15 new products and progress towards USD10 million of additional efficiency savings by year end."
Shares in Elementis were down 1.0% to 118.00 pence each in London on Wednesday morning.
By Sophie Rose, Alliance News reporter
Comments and questions to [email protected]
Copyright 2023 Alliance News Ltd. All Rights Reserved.