Elementis delivers 'improved performance' in Q3

29th Oct 2024 08:02

(Sharecast News) - Speciality chemicals business Elementis said on Tuesday that it had delivered an "improved performance" in Q3, with revenue up 2% year-on-year.

Elementis said revenue was higher across both the personal care and performance specialities segments, while adjusted operating margins were said to be in line with H124 margins of 17%.

The FTSE 250-listed group also stated it was "well positioned" to deliver an FY financial performance in line with expectations and said its leverage reduction remained on track as it made progress on its growth platforms and was confident of its ability to deliver at least $15.0m of annual cost savings in 2024.

Chief executive Paul Waterman said: "I am pleased to report a resilient third quarter performance for Elementis, despite the continued challenging demand environment. We remain focused on executing our Innovation, Growth and Efficiency strategy and are on track to deliver our Capital Markets Day commitments by 2026. Our strategy is based on self-help, not relying on an improvement in market conditions, which is why we are confident that we will deliver full-year financial performance in line with market expectations."

As of 0925 GMT, Elementis shares were up 2.89% at 142.20p.

Reporting by Iain Gilbert at Sharecast.com