31st Jul 2015 07:09
LONDON (Alliance News) - Plastic and fibre products company Essentra PLC on Friday said its pretax profit fell in the first half of 2015 thanks to exceptional costs it booked in the period, but revenue surged on the back of the acquisition of Clondalkin Specialist Packaging.
Pretax profit for the company fell to GBP45 million from GBP49 million a year earlier, thanks to one-off costs Essentra booked, primarily related to the acquisition of Clondalkin. Revenue rose to GBP550.4 million in the half, up from GBP431.1 million, primarily thanks to the Clondalkin acquisition, as like-for-like revenue growth came in at 1.1%.
Essentra said it will pay an interim dividend of 6.3 pence per share, up from 5.7 pence per share a year earlier.
Colin Day, Essentra's chief executive, said the group had made a solid start to the year, notwithstanding the impact that the slowdown in activity in the oil and gas sector is having on the company's Pipe Protection Technologies business.
"While the current environment in the oil and gas sector remains uncertain, Essentra remains well-positioned to deliver balanced, profitable growth in 2015 under its Drive for 2020 strategy," Day added.
Shares in Essentra were down 0.9% to 951.00 pence on Friday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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