Elementis FY profit seen slightly ahead of expectations after 'resilient' Q4
Sharecast
Published Jan 18, 2024 08:16
Updated Jan 18, 2024 08:41
Elementis FY profit seen slightly ahead of expectations after 'resilient' Q4
Sharecast - In an update for the three months and year ended 31 December 2023, the company hailed strong profit and revenue growth in Q4, compared with a weak period in 2022.
As a result, adjusted operating profit for the year is expected to be between $102m and $104m, versus expectations of $102m and up on the prior year’s $100.5m.
"Implementation of the growth and efficiency platforms presented at the November 2023 capital markets day is on track," Elementis (LON:ELM). "We remain committed to delivering our financial targets, including an operating margin of above 19%, by 2026."
The company also said that net debt at the end of the 2023 financial year is expected to be around $201m, ahead of expectations of $229m and below 2022’s $367m.
At 0815 GMT, the shares were up 3.1% at 121.20p.
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