Business
Preliminary results year ended 31 December 2023
Preliminary results year ended 31 December 2023.
About this update from Elementis Plc
[{"type":"text","content":"\n\n\n \nElementis plc\nPreliminary results for the year ended 31 December 2023\n \nResilient financial performance, material deleveraging and dividend reinstated\n· Revenue down 3% to $713 million with pricing and mix benefits offset by lower volumes due to underlying demand weakness and destocking.\n· Adjusted1 operating profit up 3% to $104 million, benefiting from pricing and cost reduction and material improvement in Talc profit. Statutory operating profit was $59 million.\n· Adjusted operating margin improved from 13.6% to 14.6%.\n· Net debt2 of $202 million, was 45% lower than prior year, benefiting from the proceeds from the sale of Chromium business. Net debt to EBITDA3 reduced to 1.4x from 2.2x.\n· Dividend reinstated, with a final dividend of 2.1 cents per share.\n \nNew Capital Markets Day (\"CMD\") targets and strategic progress\n· Record new business pipeline of $363 million, with 12 new products launched in the year.\n· Announced $90 million of above market revenue growth by 2026, driven by seven growth platforms.\n· New efficiency programmes initiated, targeting delivery of $30 million of annual savings by 2025.\n· Talc business financial turnaround, with focus on further growth in the near term.\n \nOutlook \n· Good start to the year, demand environment remains uncertain.\n· Growth underpinned by $360m of NBO pipeline and 15 new products in 2024.\n· Continued focus on self-help.\n· Efficiency programmes on track to deliver expected c.$12 million of savings in 2024.\n· Focused on delivery of CMD objectives.\n Financial Summary\n\n\n\n\n$m\n\n\nStatutory results (IFRS)\n\n\nAdjusted results1\n\n\n\n\n2023\n\n\n2022\n\n\nChange\n\n\n2023\n\n\n2022\n\n\nChange\n\n\nChange constant currency\n\n\n\n\nRevenue ($m)\n\n\n713\n\n\n736\n\n\n(3)%\n\n\n713\n\n\n736\n\n\n(3)%\n\n\n(4)%\n\n\n\n\nOperating profit/(loss) ($m)\n\n\n59\n\n\n(42)\n\n\nn/m\n\n\n104\n\n\n101\n\n\n3%\n\n\n2%\n\n\n\n\nDiluted earnings/(loss) per share (c)\n\n\n4.7\n\n\n(10.7)\n\n\nn/m\n\n\n10.8\n\n\n10.9\n\n\n(1)%\n...