13th May 2021 11:05
(Alliance News) - Elementis PLC on Thursday said its first quarter performance topped expectations.
Revenue in the three months to March 31 rose 6% on a prior year, a period which was largely before the impact of Covid-19.
"In the first quarter of 2021 group performance has been strong and ahead of expectations," the company explained.
Elementis has customers in the personal care, energy and coatings industry. It also has a talc and chromium unit. Talc is often used in motor vehicles, while chromium can be utilised in metal and plastic finishing.
The specialty chemicals firm said revenue in the Coatings arm was up "significantly" annually, while at Talc and Chromium, revenue was largely in line with the first quarter of last year.
Performance in the Personal Care unit was as expected, "slightly below the prior year period", Elementis said.
Consumer restocking was offset by a weaker cosmetics and antiperspirant arms amid social distancing measures and travel restrictions.
For the full year, Elementis expects its performance to reach the top end of consensus expectations. Adjusted operating profit will land in the range of USD92 million and USD103 million, according to company-compiled consensus. At best, this would signal a 26% rise from USD82 million the year ago.
Shares in the company were 0.9% higher at 141.40 pence each in London on Thursday morning.
By Eric Cunha; [email protected]
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