11 February 2014 – trading update
A detailed trading update has been provided, covering the year ended 31 January. Financial performance for the full year will be disappointing and sales from continuing operations fell to around £46m. Disruption to production mainly in Tunisia, the cost of restructuring and other exceptional costs have resulted in an increase in net debt to £8.2m as at 31 January 2014 versus £5.0m a year earlier. Elektron continued to rationalise its brands and product ranges, resulting in disposal proceeds of over £2m being generated from the non-core activities of Total Carbide, Tinsley Traditional and SIFAM. We continue to rate the shares as a HOLD.