Business
Interim Results 2009
Interim Results 2009.
About this update from Elementis Plc
[{"type":"text","content":"\n RNS Number : 6972W Elementis PLC 03 August 2009 \n \n3 August 2009 \n\n ELEMENTIS plc\n\nINTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2009 \n\nElementis plc, a Global Specialty Chemicals Company, announces its results for the six months ended 30 June 2009.\n\nHIGHLIGHTS \n\n\n\nBoth Specialty Products and Chromium* profitable in weak markets\n\n\nManagement actions have reduced annualised costs by £16 million\n\n\nDeuchem successfully integrated into Specialty Products and meeting expectations\n\n\nInterim dividend maintained at 1.5 pence\n\n\nStrong balance sheet, current banking facilities in place until July 2011\n\n\n\n\n\n\n\n* before exceptional costs\n\n\n\n\n\n\n\n\n\n\nFINANCIAL SUMMARY\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n2009\n\n\n\n\n\n2008\n\n\n\n\n\n\n\nRevenue\n\n\n\n\n\n£172.2m\n\n\n\n\n\n£186.9m\n\n\n\n\n\n\n\nOperating profit**\n\n\n\n\n\n£5.6m\n\n\n\n\n\n£28.3m\n\n\n\n\n\n\n\nProfit before tax**\n\n\n\n\n\n£2.2m\n\n\n\n\n\n£26.8m\n\n\n\n\n\n\n\nEarnings per share**\n\n\n\n\n\n0.4p\n\n\n\n\n\n5.2p\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nDividend to shareholders\n\n\n\n\n\n1.5p\n\n\n\n\n\n1.5p\n\n\n\n\n\n\n\nReported (loss)/ profit before tax\n\n\n\n\n\n£(30.2)m\n\n\n\n\n\n£26.8m\n\n\n\n\n\n\n\nReported (loss)/earnings per share \n\n\n\n\n\n(6.9)p\n\n\n\n\n\n5.2p\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n** before exceptional costs of £32.4 million\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nCommenting on the results, Group Chief Executive, David Dutro said: \n\n'The first half of 2009 witnessed a highly challenging trading environment given the severity of the global economic downturn. In response, we have taken immediate action to reduce costs and adjust our manufacturing base to help offset the effects of lower customer demand. In Chromium, our decision to close the UK facility will strengthen the profitability and reduce the cyclical nature of the business going forward. In Specialty Products, the business has demonstrated its underlying quality by maintaining both market share and contribution margins i...