19th Apr 2018 11:48
LONDON (Alliance News) - Essentra PLC on Thursday said that trading was in line with board's expectations during the first quarter of 2018, leading to the moderate increase in revenue.
Separately, Essentra said its finance director has stepped down.
The FTSE 250-listed plastic and fibre products supplier said it delivered about 2.0% revenue growth in the first quarter.
Essentra said it saw "strong" growth in its components division, driven by all geographic regions, while the filters division demonstrated stable results, reflecting a continued good performance in China and ongoing pipeline development of innovative new products.
The company's specialist components division revenue also increased slightly, boosted by the industrial supply, extrusion and pipe protection technologies businesses.
The health & personal care packaging division saw just a moderate decline in revenue, thanks to the significant improvements in service and quality.
Looking ahead, Essentra said it expects its components division to continue to generate strong, broad-based growth, with both the Filters and Specialist Components divisions maintaining a broadly stable result. Essentra said it anticipates year-on-year improvement in packaging division as it stabilised the business and addressed certain one-time factors in 2017.
Essentra also said Finance Director Stefan Schellinger will leave the business later this year to further develop his career.
Schellinger has served as finance director since October 2015 and has agreed to remain with the business to oversee the handover of his role, Essentra said.
"I have worked closely with Stefan since January 2017. During that time, he has made an immense contribution to stabilising the company by overseeing the disposal of our Porous Technologies business and leading the re-financing of the group, as well as supporting me with the Strategic Review and re-organisation of the company," said Chief Executive Paul Forman.
"I want personally to thank him for that contribution and commitment, and to wish him every success in the future," Forman added.
Shares in Essentra were trading 4.0% higher at 449.00 pence per share on Thursday.
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