Industry News

Elementis Preliminary Results - FYE December, 2001

Published on 2002-03-18. Author : SpecialChem

Elementis, plc released their preliminary results for the year ending 31 December, 2001 on February 28, 2002.

  • Sales on continuing operations £392.9 million (2000: £413.8 million)
  • Operating profit on continuing operations £15.8 million* (2000: £57.5 million*)
  • Profit before tax £14.0 million* (2000: £58.4 million*)
  • Earnings per share 4.0 pence* (2000: 11.6 pence*)
  • Net year end borrowings £40.0 million (2000: £41.7 million)
  • Net year end gearing 9.1 per cent** (2000: 9.2 per cent**)

* before goodwill amortization and exceptionals
** ratio of net borrowings to shareholders' funds plus net borrowings

Geoff Gaywood, Chief Executive of Elementis plc, said: "2001 was a particularly difficult year. Our business was very severely impacted by the global economic downturn. Although market conditions continue to be tough, there are some indications that customer destocking down the chain, experienced in the last quarter of 2001, has come to an end.

"In the first half of 2002 Elementis will benefit from lower energy costs and the rigorous measures taken to reduce inventory levels. All areas of cost and capital expenditure continue to be tightly controlled.

"Benefits from ongoing business improvement projects, including Six Sigma, which is targeted at further reducing costs, should increase as the year progresses. Strategic programs addressing opportunities for step change financial performance improvement have been initiated in each of the businesses."

Source: Elementis, plc

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