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Essentra PLC on Thursday said it expects half-year like-for-like revenue to grow, helped by price increases and volume growth.
For the half-year that ended June 30, the Milton Keynes, England-based plastic and fibre products maker anticipates like-for-like revenue growth of 14% year-on-year. Essentra said higher revenue was ‘supported by pricing initiatives and volume growth.’
It explained: ‘We have passed through inflationary cost pressures in the second quarter and will continue to review price increases in the second half-year.’
In its second quarter it expects working-day adjusted revenue growth of 9.3% as it is ‘actively managing supply chain headwinds and the impact of Covid lockdowns in China.’
It added that it expects the £312 million sale of its Packaging division to Mayr-Melnhof Group to complete in the fourth quarter of 2022. Essentra is becoming a pure-play components business.
‘Whilst we remain mindful of the current economic environment including ongoing cost inflation, the business remains on track to deliver adjusted operating profit in line with the board's expectations,’ said Chief Executive Paul Forman.
The company will publish its interim results on August 17.
Essentra shares were 1.0% higher at 249.50 pence each in London on Thursday morning.
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