Elementis PLC Trading Update (0684A)
January 18 2024 - 1:00AM
UK Regulatory
TIDMELM
RNS Number : 0684A
Elementis PLC
18 January 2024
18 January 2024
Elementis plc
Trading Update
Results slightly ahead of expectations, material deleveraging
progress.
Elementis plc ("Elementis" or the "Group"), a global specialty
chemicals company, today issues its scheduled trading update for
the three months and year ended 31 December 2023.
Business performance
The Group has delivered a resilient fourth quarter performance,
with strong profit and revenue growth compared with a weak Q4 2022.
As a result, adjusted operating profit for the financial year 2023
is expected to be in the range of $102-104m, slightly ahead of
expectations(1) , and up on the prior year (2022: $100.5m).
Implementation of the growth and efficiency platforms presented
at the November 2023 Capital Markets Day is on track. We remain
committed to delivering our financial targets, including an
operating margin of above 19%, by 2026.
Balance sheet
Net debt at the end of financial year 2023 is anticipated to be
approximately $201m (pre IFRS 16), ahead of expectations(1) and
materially down on the prior year (31 December 2022: $367m). This
represents a leverage ratio of approximately 1.5x net debt to
EBITDA (pre IFRS 16), down from 2.2x at the start of the year.
Full year 2023 results will be released on 7 March 2024.
Note: 1. Based on company compiled consensus: FY 2023 adjusted
operating profit of $102m and net debt (pre IFRS 16) of $229m.
Enquiries
Investors: Eva Hatfield, Elementis plc Tel: +44 7553 340380
Press: Martin Robinson/ Olivia Peters, Teneo Tel: +44 (0) 20
7353 4200
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END
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