| March 1
March 1 Specialty chemical maker Elementis Plc
reported a more than 22 percent fall in full-year profit
on Wednesday as currency impact weighed on its chromium business
while low oil prices hurt its energy unit.
However, Elementis expects a modest recovery in the energy
business this year as crude prices stabilize and as oil
companies put more rigs back to work, Chief Executive Paul
The company, which makes additives used in oilfields,
industrial coatings and cosmetics, said 2016 sales in the energy
unit fell 16 percent on constant currencies, due to weak oil
prices, although the second half saw some recovery in volumes.
Crude prices have largely held above $50 per barrel since
the world's top oil exporters, both OPEC and non-OPEC, agreed to
cut supplies in late November.
"It feels like there is a bit of growth in 2017 (in the
energy business)," Waterman told Reuters.
The company, which is buying U.S.-based SummitReheis for an
enterprise value of $360 million to expand its personal care
chemicals business, said it expected the deal to close by
Elementis said its adjusted profit before tax fell to $89.7
million in the year ended Dec. 31, from $115.2 million, a year
The company's stock was down 3.5 percent at 288.80 pence in
(Reporting by Arathy S Nair in Bengaluru; Editing by Amrutha