Elementis boosted by strong Q2 in 'challenging' trading
Elementis
136.60p
17:05 25/04/24
Chemicals manufacturer Elementis managed to increase first half profits on the back of an improved second quarter in “challenging" trading conditions.
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Pre-tax profits for the six months to June 30 rose to $48.6m from $46.8m. Revenue rose 6.7% to $449.7m. The interim dividend was lifted 3.7% 2.80 cents a share.
"Trading conditions have been challenging in the first six months of the year following an unusually weak first quarter with destocking, and an improved second quarter," said chief executive Paul Waterman.
“Moving into the second half of the year we anticipate an improved level of financial performance. Whilst we expect market conditions consistent with the second quarter, performance will be underpinned by the delivery of $10m of cost savings, $22m of new business and new product launches in the year.”