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Essentra resumes dividend on 'encouraging' outlook; annual profit slumps
StockMarketWire.com
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Component manufacturer Essentra reinstated its dividend amid recovering performance and an 'encouraging' outlook.
For 2020, pre-tax profit fell to £6 million from £65.5 million as revenue slipped to £896.5 million from £974.1 million year-on-year.
The company said it saw steady improvement in each quarter following the immediate impact of the pandemic, as revenue 1.0% in Q4 after declines of 6.7% and 9.8% in Q3 and Q2 respectively.
The company proposed to resume dividend payments, with a FY 2020 final dividend of 3.3p per share.
The proposed closure of certain sites in 2021 across the components and packaging divisions was expected drum up cost of about £17 million, £12.7 million of which has been booked in 2020.
'We expect to start generating savings from these actions in 2021, with annual savings of c£13m from 2022 onwards, helping to underpin the profitability potential of the company,' it added. At 8:03am: (LON:ESNT) Essentra PLC share price was 0p at 283.2p
Story provided by StockMarketWire.com
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