1st Mar 2016 08:01
LONDON (Alliance News) - Specialty chemicals company Elementis PLC on Tuesday hiked its special divdiend payout for 2015 despite sales and profit falling due to lower oil and gas sector demand.
The group said pretax profit for the year to the end of December fell to USD116.2 million from USD141.9 million, while revenue dropped to USD678.8 million from USD790.4 million, as weaker oilfield sales combined with the translation effect of the stronger dollar.
Beyond the oilfield-focused business, the remainder of Elementis' units performed relatively well, with its North American and Europe decorative coatings units and its personal care arm all improving margins and gaining market share.
Elementis kept its ordinary dividend payment flat for the year, with its final dividend at 5.75 cents, but it said it will increase its special dividend to 8.0 cents from 6.95 cents, meaning the total payout will rise to 16.45 cents from 15.40 cents.
The company said its markets remain challenging, but it remains confident on winning further market share and on its outlook for the medium term.
By Sam Unsted; [email protected]; @SamUAtAlliance
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