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Chemicals and personal care businesses Elemtis swung to an annual loss as Covid-19 related volume impact across industrial and consumer end markets.
For 2020, pre-tax loss was $68.8 million compared with a profit of $61 million year-on-year as revenue fell 14% to $751 million.
Looking ahead, the company said it continued to see demand from improvement and made an encouraging start to 2021, but remained cautious on outlook due to COVID-19 dynamic.
'We have made an encouraging start to 2021, and for the full year expect improved financial performance and deleveraging, linked to COVID-19 developments,' the company said.
'We will continue to maintain our focus on self-help actions to optimise performance, and in 2021 expect to deliver more than $30m of new business opportunities, over 20 new products and $10m of cost savings,' it added.