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Elementis PLC on Tuesday reported a decline in third-quarter revenue compared to a year ago due to what it called challenging market conditions and market-related volume weakness. The London-based speciality chemicals firm said in the third quarter that ended September 30, revenue was similar to that in the first in and second quarters. However, revenue was 5% down from 2022. Elementis said personal care sales were stable but below a ‘strong’ prior-year period. It added that it saw continued strong growth in Asia. Performance specialties were resilient, while coatings sales were stable but lower than a year ago, Elementis said, with improvement in Asia compared to the first two quarters. Talc benefited from self-help actions, with higher profit compared to a weaker prior year period. Looking ahead, Elementis said: ‘The group is well positioned to deliver full-year financial performance in line with expectations, despite continuing weakness in underlying macro-economic conditions. Leverage reduction remains on track supported by continued inventory improvement in Q3.’ Elementis shares were 4.1% higher at 117.00 pence each on Tuesday morning in London. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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