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Essentra sees operating profit in line with expectations amid ongoing improvement
StockMarketWire.com
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Components and solutions company Essentra said it had seen improved performance in the final quarter of its fiscal year and expected to deliver full-year operating profit in line with market expectations.
Market consensus for operating profit was in the range of £59 million to £63 million.
On a like for like basis, fourth-quarter revenue fell 1.1% on the prior year, compared with 6.7% and 9.8% declines in the third and second quarters respectively.
The components division continued its recovering, with Q4 revenue down just 0.4%, compared with a 13.9% decline in Q3 and 20% decline in Q2.
The packaging division continued to improve, though continued to be impacted by the reduction in the levels of prescriptions and elective surgeries through lockdown periods.
The filters division, meanwhile, had a tougher end to the year, recording a 1.5% decline in Q4, which was 'driven by certain logistical challenges in shipping product in Asia derived from regional container shortages,' the company said.
Looking ahead, the company said it expected to record exceptional cost of £17 million related to the proposed closure of certain sites across its components and packaging divisions in 2021.
But the move was expected to generate savings in 2021, with annual savings of £13 million expected from 2022 onward, it added.
Story provided by StockMarketWire.com
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