23rd May 2019 09:33
LONDON (Alliance News) - The chair of plastic and fibre products maker Essentra PLC said Thursday trading over the first four months of 2019 had been in line with expectations and the company continues to expect revenue growth for the full year.
Speaking at the annual general meeting of the FTSE 250-listed firm, Chair Paul Lester said the company delivered revenue growth over 3% including the impact of of the acquisition of two packaging sites in late 2018. Excluding the acquisitions, like-for-like revenue was around 1% higher.
Underlying this, Essentra explained its Components unit had delivered a "modest" increase in revenue following pricing initiatives despite a "softer" backdrop to its end markets. Packaging revenue growth remained "strong" with Europe and America sales helped by new business wins.
Its Filters units "returned to growth" and was making "encouraging" progress with independent customers. Meanwhile, Specialist Components delivered a "low single-digit" decline in like-for-like revenue.
"The company's outlook for full year 2019 is unchanged," Lester added.
"While the macro environment in 2019 remains uncertain which, as previously stated, impacts the Component division - and elements of Specialist Components - Essentra remains focused on delivering the stated objectives for each of its four divisions," Lester continued. "Accordingly, the company expects to make further strategic progress in 2019."
Shares in Essentra were 1.6% lower at 400.20 pence on Thursday.
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