21st Mar 2023 20:07
(Alliance News) - Essentra PLC on Tuesday delayed its annual results as its auditor needs additional time following the disposal of the company's Filters and Packaging businesses last year.
The FTSE 250 constituent said its 2022 outturn will be "in line with board expectations". Essentra had planned to report annual results on Tuesday. They will now be reported a week later, on March 29.
"As a result of the disposals of the Filters and Packaging businesses in 2022, the company's auditor, PwC, has requested additional time to complete its standard procedures. Whilst the audit is not yet complete, no substantive issues have been brought to the board's attention," Essentra added.
"The board remains confident, based on current order trends, of meeting 2023 market expectations."
Essentra in December said it completed the sale of its filters arm. It sold Essentra Filter Holdings Ltd to a subsidiary of Centaury Management Ltd. The GBP200 million deal was first announced in October.
Back in June, the company said it had sold its Packaging arm to Mayr-Melnhof Group for GBP312 million. This sale was completed at the end of September.
In February of this year, it said it will press on with plans to return GBP150 million to shareholders following the disposals.
Essentra shares closed 2.7% lower at 177.64 pence each in London on Tuesday.
By Eric Cunha, Alliance News news editor
Comments and questions to [email protected]
Copyright 2023 Alliance News Ltd. All Rights Reserved.
Related Shares:
Essentra