The Elementis Board have recommended the reinstatement of the ordinary dividend to an amount of 2.1 cents per share, which will be paid in pounds sterling. Dividend of 1.65 pence per share has been determined by converting the 2.1 cents into pounds sterling using the forward rate of £1.00:$1.2705, as determined on 28 March 2023. If approved at the AGM, the dividend will be paid on 31 May 2024 to shareholders included on the share register on 3 May 2024.
Other financial highlights include:
Revenue down 3% to $713 million with pricing and mix benefits offset by lower volumes due to underlying demand weakness and destocking.
Adjusted 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.
Adjusted operating margin improved from 13.6% to 14.6%.
Net debt of $202 million, was 45% lower than prior year, benefiting from the proceeds from the sale of Chromium business. Net debt to EBITDA reduced to 1.4x from 2.2x.
