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January 10, 2022

Essentra gives full-year and Q4 performance update for FY21

The company expects to present an operating profit in the range of analysts' forecasts for FY21.

UK-based plastic and fibre product supplier Essentra has provided a pre-close trading update for the 52 weeks to 31 December 2021.

The company said it posted robust performance during the year, with its fourth-quarter (Q4) revenue up by 12.7% on a like-for-like (LFL) basis from a year earlier and 11.1% from Q4 2019.

Driven by the positive impact from the pricing actions taken in the third quarter (Q3) and other activities in healthcare markets, Essentra’s Packaging division posted an LFL revenue growth of 1.1% in Q4.

Despite this, the company’s revenue still fell by 1.9% from the same period of 2019.

Essentra said that its review of its Packaging division, which began last November, is continuing as planned.

The move is part of the company’s plan to become a pure-play components business.

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Essentra’s Components division reported another positive performance, with its adjusted revenue for LFL trading days up by nearly 18.5% in Q4 2021.

The LFL revenue for the company’s Filter unit increased by 22.3% in the quarter.

Essentra chief executive Paul Forman said: “We have delivered a strong Q4 performance, with all three businesses delivering growth and having encouraging order books as we start the year.

“We continue to monitor Covid-19 challenges and take actions to offset the impact of global supply chain challenges, which should better position our market-leading global businesses for growth in their respective markets.

“The board is making good progress with the strategic reviews of both the Filters and Packaging divisions and remains committed to finding the right outcome for each of our three strong businesses to thrive independently and to maximise shareholder value in the relatively short term.”

Essentra supplies cartons, self-adhesive labels and other solutions across its Components, Packaging and Filters businesses.

The company operates 50 principal manufacturing facilities, 32 sales and distribution operations, and three research and development centres across 34 countries.

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