Elementis sees FY 'well ahead'

24th May 2010 07:39

Speciality chemicals supplier Elementis said earnings for the first half are now expected to be 'significantly ahead' of the company's expectations on the back of robust demand. Elementis said while second half earnings are expected to be lower than the first half, it does expect earnings for the full year to be 'well ahead' of its expectations.For the first half of 2010 trading profit is expected to be in the region of $43m to $45m. Revenue is expected to rise 12% to 14% from the second half of 2009.The group added that any potential softening in demand that may occur later in the year, as the effects of restocking subside, is likely to be much less pronounced than was previously thought.Demand among Specialty Products have continued to be robust since the group's last trading update. Sales to the personal care and oilfield drilling sectors also continued to perform strongly. In Chromium, demand patterns are similarly demonstrating resilience, the group said in a statement.