|
Elementis PLC on Wednesday said Chair John O’Higgins will not seek re-election at the company’s annual general meeting in April, as it reported a slight revenue climb. The London-based chemicals maker said revenue was $152 million in the third quarter, up 2% from a year ago. On a constant currency basis, revenue was flat due to the weaker dollar. Adjusted operating profit rose on-year in the third quarter, with adjusted operating profit margins on a continuing basis in the year to September 30 consistent with half-year performance. Personal Care sales were flat on a constant currency basis, as positive price and volume impacts offset a negative impact of mix in the third quarter. Elementis said it is on track for $12 million in cost savings by the end of 2025, completing $30 million of cost savings it had announced in November 2023. Further, the company plans another $5 million in savings via simplification and ‘agility across the business.’ Chief Executive Officer Luc van Ravenstein said: ‘I am pleased to report that we have delivered a resilient third quarter performance, despite the continued softness in the coatings markets, demonstrating the strength and quality of our business and our commitment to delivering outstanding value for our customers. While revenue was broadly stable on the prior year period, our margins remain healthy due to the benefits of our proactive operational efficiency initiatives as we create a simpler, leaner Elementis. With market demand in coatings likely to remain soft, we remain focused on executing our Elevate Elementis strategy - designed to accelerate sustainable growth and deliver attractive returns.’ Meanwhile, Chair John O’Higgins does not intend to seek re-election at the company’s annual general meeting in late April, after which he will step down as chair and non-executive director. The company will update on a successor for O’Higgins in due course. Back in September, the company had announced that Chief Financial Officer Ralph Hewins would retire from the company at the end of 2025, with Kath Kearney-Croft set to join as chief financial officer designate this following Monday. Kearney-Croft is set to become CFO on January 1. In late April, Paul Waterman stepped down as CEO and was succeeded by Luc van Ravenstein. Elementis shares fell 2.9% to 165.80 pence each on Wednesday morning in London. Copyright 2025 Alliance News Ltd. All Rights Reserved.
|
