16th May 2023 10:33
Essentra PLC - Oxford-based components company - Notes robust performance in its European business in the four months that ended May 6, while distributors show signs of destocking. Says group sales are down 9.0% on a like-for-like basis in the period year-on-year. "This reflects a particularly strong comparator in the prior year, with significant end-market recovery including improving supply chains which enabled the business to recover historically high order book backlogs experienced at the beginning of 2022," the firm explains.
Looking ahead, Essentra says it remains confident in delivering adjusted operating profit for the first half of 2023 in line with its expectations. Adjusted operating profit in the first half of 2022 was GBP35.3 million. Backs 2023 outlook as it remains focussed on delivering strong profit margins. Additionally, says the business is seeing improving trend since the start of the second quarter, with the order book providing a good level of visibility into the second half the year.
Current stock price: 198.01 pence each
12-month change: down 34%
By Xindi Wei, Alliance News reporter
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