Feb 26 British chemical maker Elementis Plc
reported a 5 percent rise in full-year profit on
strength at its specialty products business, which provides
additives to the oilfield drilling industry.
The company, which caters to customers in North and South
America, Europe and Asia Pacific, said sales for the year fell
marginally to $747 million from $760.5 million a year earlier.
Specialty Products sales rose 2 percent to $458.7 million.
Pretax profit rose to $141.2 million from $134.5 million a
Elementis, a member of the FTSE 250 Index, warned in October
that a temporary slowdown in oilfield drilling would hurt its
full-year operating profit.
Faced with an economic slowdown in Europe and a decline in
North American drilling activity, Elementis has increased its
exposure to an improving U.S. housing market.
The company's shares have risen 16 percent since June,
lagging the broader FTSE mid-cap sector that rose 24
percent in the same period.
The shares of the company closed at 227.8 pence on the
London Stock Exchange on Monday.