31st Oct 2023 10:13
(Alliance News) - Elementis PLC on Tuesday reported a decline in third-quarter revenue compared to a year ago due to what it called challenging market conditions and market-related volume weakness.
The London-based speciality chemicals firm said in the third quarter that ended September 30, revenue was similar to that in the first in and second quarters. However, revenue was 5% down from 2022.
Elementis said personal care sales were stable but below a "strong" prior-year period. It added that it saw continued strong growth in Asia.
Performance specialties were resilient, while coatings sales were stable but lower than a year ago, Elementis said, with improvement in Asia compared to the first two quarters.
Talc benefited from self-help actions, with higher profit compared to a weaker prior year period.
Looking ahead, Elementis said: "The group is well positioned to deliver full-year financial performance in line with expectations, despite continuing weakness in underlying macro-economic conditions. Leverage reduction remains on track supported by continued inventory improvement in Q3."
Elementis shares were 4.1% higher at 117.00 pence each on Tuesday morning in London.
By Tom Budszus, Alliance News reporter
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