LONDON (dpa-AFX) - Global specialty chemicals company Elementis plc (ELM.L), on Thursday, reported a strong third quarter performance as trading continues to improve with revenue up 16% on an underlying basis, driven by higher volumes and pricing actions.
In 2021, the company expects to launch over 20 new products, win more than $35 million of new business, and deliver $10 million of in year cost savings.
Looking ahead, the company continues to expect 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 mitigating the impact of near-term margin headwinds from accelerating cost inflation and supply chain constraints.
CEO, Paul Waterman said, 'We have delivered a strong third quarter performance, have good trading momentum and are taking proactive steps to mitigate both rising inflation and global supply chain challenges. The delivery of our strategy, alongside a continued post COVID-19 demand recovery, is expected to drive a material, multi-year performance improvement, underpin the delivery of our medium-term Group financial objectives and generate significant shareholder value.'
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