Elementis H1 Adj. Operating Profit Declines; Revenue Down 11% On Organic Basis

Elementis Plc (ELM.L) reported a statutory loss of $51 million for the six months ended 30 June 2020 compared to profit of $40 million, last year. Loss per share in cents was 8.7 compared to profit of 6.8. The results included $60 million of non-cash goodwill impairments across Energy and Talc assets primarily as a result of COVID-19 impact. Adjusted operating profit was down 34% (down 33% on an organic basis) to $42 million. Adjusted profit before tax was $28 million compared to $49 million. Adjusted earnings per share in cents was 3.5 compared to 6.5.

First half revenue was down 14% (down 11% on an organic basis) to $387 million from $450 million principally due to COVID-19 related impact on second quarter volumes across industrial end markets.

The Board has decided it is prudent to preserve cash and will not be declaring an interim dividend for 2020.

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