Elementis PLC AGM Trading Statement
25 April 2017 - 4:00PM
UK Regulatory
TIDMELM
25 April 2017
AGM / Trading Statement
A positive start to the year with trading strong across the businesses.
Ahead of today's Annual General Meeting, Elementis plc (ELM.L, the "Company" or
the "Group"), the Global Specialty Chemicals Company, today issues its trading
update for the three months ended 31 March 2017.
Trading for the Group in the first quarter (Q1) was underpinned by stronger
demand across most of our markets compared to Q1 2016. In Specialty Products,
our Coatings business sector started well and we saw notably strong growth in
our Personal Care and Energy business sectors. In our Chromium segment there
were some indications of improved demand outside North America. In Surfactants
we are benefiting from short term favourable pricing conditions which are not
expected to continue indefinitely. This represents a positive start to the year
and we remain on track to grow operating profit across our three segments in
2017.
On 20 March 2017, we announced the sale of our non-core US colourants business
and the closure of our Jersey City facility as part of our strategy to review
our non-core and disadvantaged assets. On 24 March 2017, we completed our
acquisition of SummitReheis and have started the integration process. It is a
high quality business and we are delighted to have it in our portfolio.
Commenting on the Company's performance Paul Waterman, CEO, said: "We are off
to a good start in 2017 as trading was strong across our businesses. Last
November we committed to reignite growth at Elementis by focusing on four
strategic priorities: pursuing the best growth opportunities, transforming our
global supply chain, innovating for distinctiveness and high margins and
creating a culture of high performance. We are excited to integrate
SummitReheis into our Personal Care sector and look forward to completing this
by the end of the year. Overall, while uncertainties exist we believe continued
focus on implementing our strategy will underpin continued progress in
2017."
ENDS
Enquiries:
Elementis + 44 (0) 207 067 2999
Paul Waterman, Chief Executive Officer
Ralph Hewins, Chief Financial Officer
FTI Consulting + 44 (0) 203 727 1000
Deborah Scott
Matthew Cole
END
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