Business
Preliminary results
Preliminary results.
About this update from Elementis Plc
[{"type":"text","content":"\n RNS Number : 7624N Elementis PLC 24 February 2009 \n \n\n\nPRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2008\n\nElementis plc, a Global Specialty Chemicals Company, announces its results for the\nyear ended 31 December 2008.\n\nHIGHLIGHTS \n\nFinancial - from continuing operations\n\n\nOperating profit before exceptional items up 36 per cent.\n\n\n\n\nImproved operating profit in both Specialty Products and Chromium.\n\n\n\n\nRevenue up 17 per cent excluding currency and acquisitions.\n\n\nDiluted earnings per share before exceptional items up 26 per cent.\n\n\nFree cash flow increased by 39 per cent.\n\n\nNo debt refinancing before 2011.\n\n\nFull year dividend up by 7 per cent to 2.9 pence.\n\n\n\nStrategic\n\n\nTwo acquisitions in Specialty Products to accelerate growth in Asia Pacific.\n\n\nReview of Chromium's UK business with potential plant rationalisation.\n\n\n\n\nImpairment charge of £20.5 million in 2008 (exceptional item).\n\n\n\n\n\nFINANCIAL SUMMARY\n\n\n\n\n\n\n\n 2008\n\n\n 2007\n\n\n\n\n\n\n\nSales* \n\n\n£400.5m\n\n\n£299.8m\n\n\n\n\n\n\n\nOperating profit**\n\n\n£52.0m\n\n\n£38.1m\n\n\n\n\n\n\n\nProfit before tax**\n\n\n£48.5m\n\n\n£33.8m\n\n\n\n\n\n\n\nFree cash flow**\n\n\n£36.6m\n\n\n£26.4m\n\n\n\n\n\n\n\nDiluted earnings per share**\n\n\n9.1p\n\n\n7.2p\n\n\n\n\n\n\n\n\nProfit for the year\nDiluted earnings per share\n\n\n£19.8m\n4.5p\n\n\n£48.1m\n10.8p\n\n\n\n\n\n\n\nDividend to shareholders - final proposed\n - full year\n\n\n1.4p\n2.9p\n\n\n1.4p\n2.7p\n\n\n\n\n\n\n\n\n\n* from continuing operations \n** from continuing operations and before exceptional items\n\n\nCommenting on the results, Group Chief Executive, David Dutro said:\n\n'2008 was a year of significant accomplishments for Elementis, characterised by improved financial performance and solid execution of our strategic initiatives. Specialty Products posted an excellent performance for the year, and the acquisitions in Taiwan and China will provide solid support for further growth in the Asia Pacific region. At the core of Specialty Products' success is an unrelenting commitment to provide technically superior products and application support that helps our ...