14th Oct 2013 08:36
LONDON (Alliance News) - Essentra PLC Monday reported higher revenues for the third quarter, driven by growth in most of its business lines and acquisitions, and said it is on track to grow profits in the full year and to meet its 2015 sales and profit targets.
The company said like-for-like sales rose 9% between July 1 and September 28, while total sales were up 24%. It didn't give figures in its trading update.
It said its component and protection solutions business saw an improved result from its European components operations and a stronger comparative performance for its pipe protection technologies business. Its porous technologies unit grew, led by writing instruments and healthcare, while packaging and securing solutions was boosted by new packaging business wins and a strong performance from its speciality tapes business, partially offset by weakness in certain activities in security.
It said the integration of Essentra Healthcare Packaging is proceeding in line with expectations.
Its filter products business saw volume growth while demand for innovative special filters improved the sales mix.
"As a result of this continued strong momentum, the company is on track to deliver further balanced, profitable growth in 2013 and to continue to make progress towards its Vision 2015 objectives of at least mid single-digit like-for-like revenue growth and double-digit adjusted EPS growth at constant exchange," the company said in a statement.
Essentra shares were up 2.2% at 274.4 pence Monday morning, one of the biggest gains on the FTSE 250.
By Steve McGrath; [email protected]; @SteveMcGrath1
Copyright 2013 Alliance News Limited. All Rights Reserved.
Related Shares:
Essentra