30th Jul 2021 09:14
(Alliance News) - Essentra PLC on Friday reported a surge in pretax profit in the first half as the company continues to rebound from the Covid-19 pandemic.
Pretax profit for the six months ended June 30 was GBP23.1 million, almost tripled year-on-year from GBP7.9 million.
The Milton Keynes, England-based plastic and fibre products maker posted revenue of GBP474.9 million, up 5.9% from GBP448.4 million.
The company said it delivered an "encouraging" half-year performance, demonstrating a continuously improving rebound from COVID-19, driven by Essentra's "strong market positions, balanced portfolio and agile operations."
Essentra declared an interim dividend of 2.0 pence per share, compared to none a year ago.
"Whilst there is more for us still to do, our first-half results demonstrate our ability to deliver financial progress despite a challenging market backdrop. We are well positioned for the remainder of 2021 and are on track to deliver full year adjusted operating profit in-line with the board's expectations," said Chief Executive Paul Forman.
Going forward, Essentra expects both its Components and Filters divisions to see continued growth. It also expects the Packaging arm to see its market return to moderate growth in the second half of 2021 with global healthcare systems expected to start catching up on the significant backlog of prescriptions and elective surgeries.
Shares in Essentra were up 0.4% to 285.00 pence each in London on Friday morning.
By Amrit Sahota; [email protected]
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