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Essentra revenue drops on weakness in packaging division
StockMarketWire.com
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Components and solutions business Essentra reported a fall in revenue in the third quarter of the year, amid improved performance in its components business and weakness in its packaging division.
For the three months through September, like-for-like revenue declined by 6.7% compared with the prior year.
In the components division, revenue fell 13.9%, an improvement on the 20% slip seen in the second quarter. This 'clearly' demonstrated the carry through of improving trading trends seen since a nadir in April, the company said.
A reduction in elective surgeries and prescription levels led to a decline of 8.5% in revenue in the company's packaging division.
Filters division revenue grew 2.0%.
'Barring a material disruption from a second wave to the Covid-19 pandemic, and based on recent trading, the board's expectations for the year ending 31 December 2020 remain unchanged,' Essentra said.
Story provided by StockMarketWire.com
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