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Elementis profits fall on slowing growth in Europe, Asia
StockMarketWire.com
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Elementis said Tuesday annual profits slipped amid good levels of growth in the Americas but some deterioration in Europe and Asia.
For the year ended 31 December 2018, profit before tax fell 17% to $65m and revenue from was up 5% to $822m from $783m a year earlier.
The company blamed the slip in profits on an increase in non-recurring items and higher net finance costs following the acquisition of Mondo, sale of the Surfactants business and investment in a new production facility in India.
The dividend was raised by 4% to 8.4c per share.
'In 2019, whilst global market conditions remain challenging, particularly in coatings, we will seek to capture synergies as we integrate Mondo, transform Coatings and grow Personal Care,' said CEO, Paul Waterman.
'This will reduce leverage via the Group's inherently strong cash generation. We are confident of making further progress in the year ahead and over the longer term.'
At 9:36am: (LON:ELM) Elementis PLC share price was -1p at 176p
Story provided by StockMarketWire.com
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