LONDON (dpa-AFX) - Elementis plc (ELM.L), a global specialty chemicals company, on Thursday declared interim results for the half-year ended 30 Jun, 2021 that showed the company registering a turnaround in results from pre-tax loss to pre-tax profit, mainly due to cost control and revenue growth.
Profit before tax was $34.5 million, as compared to a loss of $53.4 million in the first half of 2020. Adjusted Profit before tax was $40 million, as compared to $28 million in the first half of 2020.
Profit for the period was $27.6 million and 4.7 cents, as compared to a loss of $50.9 million and 8.7 cents in the year-ago period. Adjusted earnings per share was 5.5 cents versus 3.5 cents in the prior period.
Adjusted operating profit was $54 million, as compared to $42 million in the first half of the previous fiscal.
Revenue for the period increased by 17 percent to $452.1 million, from the level of $386.5 million in the prior period driven by improved industrial demand, customer restocking and currency tailwinds.
Administrative expenses declined to 10.90 percent of sales as compared to 28.85 percent of sales, in the prior period.
The full year outlook positive and unchanged, with the Group expected to deliver an improved financial performance and a reduction in leverage, in line with expectations. The second half of the year is expected to follow a normal level of seasonality, with continued demand recovery and self-help actions offset by short term margin headwinds from accelerating cost inflation and supply chain constraints.
ELM.L is currently trading at 144 pounds, down 3.40 pounds or 2.31 percent from previous close.
Copyright RTT News/dpa-AFX