Elementis

ELM · Main Market · Chemicals · mcap £1,030m · 181.0p

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Financials · balance sheet 30 Jun 26 · last twelve months · today’s market value

Source: results 30 Jul 26 ↗

Key figures Cash & debt Profit & cash flow Valuation Returns & quality Latest half-year

Market cap: £1,033m
Owner’s net cash: −£121.4m
Net cash / market cap: -12%
EV ex leases: £1,155m
Revenue: £465.6m
Operating profit: £88.8m
Free cash flow after leases: £23.8m
EV / EBIT: 13.0×
FCF yield: 2.3%
Price / tangible book: 2.07×
ROCE: 12%
Net income (owners): £56.2m

Hover or tap a figure for its formula and the values used – the names are the line names of the key figures below. Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

Key figures As reported

Income statement Balance sheet Cash flow

Annual Half-yearly

Standardised line items in £m, comparable across companies – figures the company reported in USD are converted to £ at the average rate of each period (balance sheets: at the date); when a later report restated a period, the later figure is shown and marked ^r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.

Latest report: H1 26 (six months to 30 Jun 26), published 30 Jul 26 · read the results ↗

Source ↗

	2026 (unaudited) $m	2025 1 (unaudited) $m
Revenue	318.2	290.8
Cost of sales	(158.0)	(152.3)
Gross profit	160.2	138.5
Distribution costs	(47.5)	(44.1)
Administrative expenses	(47.0)	(39.0)
Operating profit	65.7	55.4
Comprising of
Adjusted operating profit	73.2	62.9
Adjusting items	(7.5)	(7.5)
Other expenses 2	(1.6)	(1.4)
Finance income	2.0	2.1
Finance costs	(7.4)	(10.1)
Profit before income tax	58.7	46.0
Tax	(15.0)	(11.7)
Profit from continuing operations	43.7	34.3
Profit/(loss) from discontinued operations	10.8	(99.4)
Profit/(loss) for the period	54.5	(65.1)
Attributable to
Equity holders of the parent	54.5	(65.1)
Earnings per share
From continuing operations
Basic earnings (cents)	7.7	5.8
Diluted earnings (cents)	7.5	5.7
From continuing and discontinued operations
Basic earnings/(loss) (cents)	9.6	(11.0)
Diluted earnings/(loss) (cents)	9.4	(11.0)

Source ↗

	30 June 2026 (unaudited) $m	31 December 2025 (audited) $m
Non-current assets
Goodwill and other intangible assets	588.8	603.9
Property, plant, and equipment	160.4	169.0
Deferred tax assets	0.5	0.6
Net retirement benefit surplus	5.3	26.5
Total non-current assets	755 .0	800.0
Current assets
Inventories	149.5	142.9
Trade and other receivables	110.4	81.6
Derivative financial assets	0.7	0.4
EU State aid tax recoverable	23.9	23.7
Current tax assets	9.3	9.3
Cash and cash equivalents	86.2	54.6
Total current assets	0.0	312.5
Assets classified as held for sale	-	2.1
Total assets	35.0	1,114.6
Current liabilities
Bank overdrafts and loans	(50.0)	(50.0)
Trade and other payables	(89.8)	(92.0)
Current tax liabilities	(2 0.3 )	(16.0)
Lease liabilities	(3.8)	(4.5)
Provisions	(3.2)	(1.7)
Total current liabilities	(167.1)	(164.2)
Non-current liabilities
Loans and borrowings	(197.1)	(186.2)
Retirement benefit obligations	(3.9)	(8.6)
Deferred tax liabilities	(87.6)	(92.3)
Lease liabilities	(13.6)	(15.9)
Provisions	(3.0)	(3.4)
Derivative financial liabilities	-	(0.1)
Total non-current liabilities	(305.2)	(306.5)
Total liabilities	(472.3)	(470.7)
Net assets	662.7	643.9
Equity
Share capital	51.4	51.3
Share premium	239.7	239.7
Other reserves	1.6	60.5
Retained earnings	10.0	292.4
Total equity attributable to equity holders of the parent	62.7	643.9
Total equity	662.7	643.9

Source ↗

	2026 (unaudited) $m	2025 1 (unaudited) $m
Operating activities:
Profit from continuing operations	43.7	34.3
Adjustments for
Other expenses	1.6	1.4
Finance income	(2.0)	(2.1)
Finance costs	7.4	10.1
Tax charge	15.0	11.7
Depreciation and amortisation	14.1	14.2
Gain on disposal of property, plant and equipment	(1.4)	-
Increase/(decrease) in provisions and derivatives	1.6	(6.9)
Pension payments net of current service cost	(1.0)	(0.5)
Share-based payments expense	3.5	3.0
Operating cash flow before movement in working capital	82.5	65.2
Increase in inventories	(15.6)	(2.8)
Increase in trade and other receivables	(33.6)	(24.4)
Increase/(decrease) in trade and other payables	4.8	(0.2)
Cash generated by operations	38.1	37.8
Income taxes paid	(10.6)	(6.5)
Interest paid	(7.2)	(9.9)
Net cash flow (used in)/from operating activities from discontinued operations	(1.2)	7.7
Net cash flow from operating activities	19.1	29.1
Investing activities
Interest received	1.2	0.9
Proceeds from disposal of property, plant and equipment	3.9	-
Purchase of property, plant and equipment	(9.7)	(5.1)
Purchase of intangible assets	(0.2)	-
Sale of business, net of cash sold	34.3	52.5
Net cash flow used in investing activities from discontinued operations	(0.2)	(6.9)
Net cash flow from investing activities	29.3	41.4
Financing activities
Purchase of shares by the Company and ESOT, net of issue of shares by the Company	(6.7)	(7.7)
Dividends paid	(17.2)	(17.7)
Net repayment of term loans	-	(77.6)
Net movement on other loans and borrowings	10.1	27.1
Payment of lease liabilities	(2.2)	(2.1)
Net cash flow used in financing activities from discontinued operations	(0.2)	(0.9)
Net cash used in financing activities	(16.2)	(78.9)
Net increase/(decrease) in cash and cash equivalents	32.2	(8.4)
Cash and cash equivalents at 1 January	54.6	65.8
Foreign exchange on cash and cash equivalents	(0.6)	4.6
Less: cash and cash equivalents classified as held for sale	-	(3.2)
Cash and cash equivalents at 30 June	86.2	58.8

Source ↗

	2025 $m	2024 1 $m
Revenue	597.5	603.8
Cost of sales	(317.4)	(314.2)
Gross profit	280.1	289.6
Distribution costs	(91.6)	(98.5)
Administrative expenses	(79.5)	(95.1)
Operating profit	109.0	96.0
Comprising of
Adjusted operating profit	126.7	119.2
Adjusting items	(17.7)	(23.2)
Other expenses 2	(2.6)	(2.0)
Finance income	3.0	2.9
Finance costs	(19.5)	(22.6)
Profit before income tax	89.9	74.3
Tax	(27.6)	(25.5)
Profit from continuing operations	62.3	48.8
Loss from discontinued operations	(107.8)	(96.6)
Loss for the year attributable to equity holders of the parent	(45.5)	(47.8)
Earnings per share
From continuing operations
Basic earnings (cents)	10.7	8.3
Diluted earnings (cents)	10.5	8.1
Adjusted basic earnings (cents)	14.0	12.2
Adjusted diluted earnings (cents)	13.7	12.0
From continuing and discontinued operations
Basic loss (cents)	(7.8)	(8.1)
Diluted loss (cents)	(7.8)	(8.1)

Source ↗

	2025 31 December $m	2024 31 December $m
Non-current assets
Goodwill and other intangible assets	603.9	585.9
Property, plant and equipment	169.0	338.0
Derivative financial assets	-	1.8
Deferred tax assets	0.6	7.4
Net retirement benefit surplus	26.5	27.6
Total non-current assets	800.0	960.7
Current assets
Inventories	142.9	152.5
Trade and other receivables	81.6	93.3
Derivative financial assets	0.4	3.6
EU State aid tax recoverable	23.7	21.0
Current tax assets	9.3	11.2
Cash and cash equivalents	54.6	59.9
Total current assets	312.5	341.5
Assets classified as held for sale	2.1	6.2
Total assets	1,114.6	1,308.4
Current liabilities
Short-term borrowings	(50.0)	-
Trade and other payables	(92.0)	(108.4)
Derivative financial liabilities	-	(1.5)
Current tax liabilities	(16.0)	(9.8)
Lease liabilities	(4.5)	(5.9)
Provisions	(1.7)	(6.3)
Total current liabilities	(164.2)	(131.9)
Non-current liabilities
Loans and borrowings	(186.2)	(219.2)
Retirement benefit obligations	(8.6)	(8.6)
Deferred tax liabilities	(92.3)	(98.1)
Lease liabilities	(15.9)	(28.8)
Provisions	(3.4)	(42.1)
Derivative financial liabilities	(0.1)	-
Total non-current liabilities	(306.5)	(396.8)
Liabilities classified as held for sale	-	(22.7)
Total liabilities	(470.7)	(551.4)
Net assets	643.9	757.0
Equity
Share capital	51.3	52.7
Share premium	239.7	239.7
Other reserves	60.5	51.5
Retained earnings	292.4	413.1
Total equity attributable to holders of the parent	643.9	757.0
Total equity	643.9	757.0

Source ↗

	2025 $m	2024 1 $m
Operating activities:
Profit from continuing operations	62.3	48.8
Adjustments for
Other expenses	2.6	1.9
Gain on disposal of Eaglescliffe site	(6.9)	-
Finance income	(3.0)	(2.9)
Finance costs	19.5	22.6
Tax charge/(credit)	27.6	25.7
Depreciation and amortisation	30.7	31.3
Loss on disposal of property, plant and equipment	0.8	1.0
Decrease in provisions and financial liabilities	(11.3)	(16.3)
Pension payments net of current service cost	(2.3)	(0.6)
Share-based payments expense	6.9	6.1
Operating cash flow before movement in working capital	126.9	117.6
(Increase)/decrease in inventories	(7.7)	5.1
(Increase)/decrease in trade and other receivables	(7.6)	8.2
Decrease in trade and other payables	(4.7)	(14.8)
Cash generated by operations	106.9	116.1
Income taxes paid	(22.1)	(26.5)
Interest paid	(17.3)	(16.9)
Net cash flow used in operating activities from discontinued operations	6.7	27.3
Net cash flow from operating activities	74.2	100.0
Investing activities
Interest received	1.0	0.2
Purchase of property plant and equipment	(22.3)	(16.5)
Purchase of intangible assets	(0.6)	(0.4)
Disposal of business	41.4	-
Acquisition of business	(20.1)	-
Net cash flow used in investing activities from discontinued operations	(6.7)	(20.8)
Net cash flow used in investing activities	(7.3)	(37.5)
Financing activities
Issue of shares by the Company	0.3	0.5
Repurchases of shares by the Company and ESOT	(54.1)	-
Repayment of term loans	(244.0)	(25.0)
Proceeds from new term loans	166.5	-
Net movement on other loans and borrowings	79.7	(9.8)
Dividends paid	(25.3)	(18.8)
Payment of interest on lease liabilities	(0.9)	(1.1)
Payment of gross lease liabilities	(3.8)	(3.7)
Net cash flow used in financing activities from discontinued operations	(0.9)	(1.9)
Net cash flow used in financing activities	(82.5)	(59.8)
Net increase in cash and cash equivalents	(15.6)	2.7
Cash and cash equivalents at 1 January	59.9	65.8
Foreign exchange on cash and cash equivalents	4.4	(2.7)
Cash and cash equivalents classified as held for sale	5.9	(5.9)
Cash and cash equivalents at 31 December	54.6	59.9

	LTM Jun 26	FY 25	FY 24
Revenue to operating profit
Revenue	465.6	453.5	472.5
Gross profit	224.8	212.6	226.6
Adjusted operating profit	102.0	96.2	93.3
Exceptional / adjusting items	(13.2)	(13.4)	(18.2)
Operating profit	88.8	82.7	75.1
Share-based payments	5.5	5.2	4.8
Operating profit to net income
Finance costs	(12.5)	(14.8)	(17.7)
Profit before tax	76.4	68.2	58.1
Tax	(23.1)	(20.9)	(20.0)
Net income (owners)	56.2	(34.5)	(37.4)
Discontinued operations	2.9	(81.8)	(75.6)
Per share
EPS basic	9.5p	(5.8p)	(6.5p)
EPS diluted	9.3p	(5.8p)	(6.5p)
Dividend per share	3.4p	3.2p	3.2p

	H1 26	vs H1 25	H2 25	H1 25
Revenue to operating profit
Revenue	236.6	+5%	229.0	224.5
Gross profit	119.1	+11%	105.7	106.9
Adjusted operating profit	54.4	+12%	47.6	48.5
Exceptional / adjusting items	(5.6)	−4%	(7.6)	(5.8)
Operating profit	48.9	+14%	40.0	42.8
Share-based payments	2.6	+12%	2.9	2.3
Operating profit to net income
Finance costs	(5.5)	−29%	(7.0)	(7.8)
Profit before tax	43.6	+23%	32.7	35.5
Tax	(11.2)	+24%	(11.9)	(9.0)
Net income (owners)	40.5	n/m	15.7	(50.2)
Discontinued operations	8.0	n/m	(5.1)	(76.7)
Per share
EPS basic	7.2p	–	2.2p	(8.0p)
EPS diluted	7.1p	–	2.2p	(8.0p)
Dividend per share	1.1p	–	2.2p	0.9p

	LTM Jun 26	FY 25	FY 24
Operating activities
Cash from operations	48.1	56.3	78.3
Interest paid	(10.8)	(13.1)	(13.2)
Tax paid	(19.6)	(16.8)	(20.7)
Investing activities
Capex (PP&E)	(20.2)	(16.9)	(12.9)
Capex (intangibles)	–	(0.5)	(0.3)
Financing activities
Lease principal paid	(2.9)	(2.9)	(2.9)
Lease interest paid	–	(0.7)	(0.9)
Dividends paid	(18.3)	(19.2)	(14.7)
Share buybacks	(40.1)	(41.1)	–
Shares issued	–	0.2	0.4

	H1 26	vs H1 25	H2 25	H1 25
Operating activities
Cash from operations	14.2	−37%	33.9	22.5
Interest paid	(5.4)	−30%	(5.5)	(7.6)
Tax paid	(7.9)	+57%	(11.8)	(5.0)
Investing activities
Capex (PP&E)	(7.2)	+83%	(13.0)	(3.9)
Capex (intangibles)	(0.1)	–	–	–
Financing activities
Lease principal paid	(1.6)	+1%	(1.3)	(1.6)
Dividends paid	(12.8)	−6%	(5.5)	(13.7)
Share buybacks	(5.0)	−16%	(35.1)	(5.9)

	30 Jun 26	31 Dec 25	31 Dec 24
Non-current assets
Goodwill	–	448.4	466.9
Property, plant & equipment	121.0	125.5	269.3
Non-current assets	569.6	595.6	770.5
Current assets
Inventories	112.8	106.1	121.5
Trade receivables	83.3	60.6	74.3
Cash	65.0	40.5	47.7
Current assets	286.7	232.0	272.1
Total assets	856.3	827.6	1,042.6
Current liabilities
Trade payables	67.8	68.3	86.4
Borrowings, current	37.7	37.1	–
Lease liabilities, current	2.9	3.3	4.7
Current liabilities	126.1	121.9	105.1
Non-current liabilities
Borrowings, non-current	148.7	138.3	174.7
Lease liabilities, non-current	10.3	11.8	22.9
Pension surplus / (deficit)	4.0	19.7	22.0
Non-current liabilities	230.3	227.6	334.3
Total liabilities	356.3	349.5	439.4
Equity
Total equity	500.0	478.1	603.2
Net cash and other figures
Net cash / (debt) ex leases	–	(137.7)	(125.3)

	30 Jun 26	31 Dec 25	31 Dec 24
Non-current assets
Goodwill	–	448.4	466.9
Property, plant & equipment	121.0	125.5	269.3
Non-current assets	569.6	595.6	770.5
Current assets
Inventories	112.8	106.1	121.5
Trade receivables	83.3	60.6	74.3
Cash	65.0	40.5	47.7
Current assets	286.7	232.0	272.1
Total assets	856.3	827.6	1,042.6
Current liabilities
Trade payables	67.8	68.3	86.4
Borrowings, current	37.7	37.1	–
Lease liabilities, current	2.9	3.3	4.7
Current liabilities	126.1	121.9	105.1
Non-current liabilities
Borrowings, non-current	148.7	138.3	174.7
Lease liabilities, non-current	10.3	11.8	22.9
Pension surplus / (deficit)	4.0	19.7	22.0
Non-current liabilities	230.3	227.6	334.3
Total liabilities	356.3	349.5	439.4
Equity
Total equity	500.0	478.1	603.2
Net cash and other figures
Net cash / (debt) ex leases	–	(137.7)	(125.3)

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