17th Dec 2015 07:54
LONDON (Alliance News) - Speciality chemicals company Elementis PLC said Thursday its earnings per share for 2015 is now projected to be at the lower end of the range of market expectations, as challenging markets continued.
However, the company said it still expects its year-end net cash balance to be higher than the previous year balance of USD64.2 million. Elementis said its operating profit in 2015 has benefited from around USD5 million in one-off gains related to legal settlements and property easements which will not be repeated in 2016.
In 2016 it expects its Speciality Products business to make progress against the current year, and it expects its Chromium business to continue to benefit from its North American business model. Export sales in North America are likely to remain under pressure from the strong US dollar, however, and Chromium's operating profit is expected to be lower as a result of the one-off gains in 2015.
Elementis expects its overall performance, and both of its businesses, to be boosted in 2016 by its recently announce cost-cutting measures.
Elementis will announce its 2015 results March 1.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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