CORRECT: Essentra expects annual revenue growth amid market headwinds

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(Correction of company description.)

(Alliance News) – Essentra PLC on Friday said it expects to deliver a “strong” performance in 2022, but headwinds have curbed its growth.

The component maker based in Milton Keynes, England said it expects adjusted operating profit for the year to remain in line with the company’s expectations.

Essentra noted that its business saw a slower period of economic growth in 2022 as a result of headwinds strengthening the market, but expects like-for-like revenue to grow by 6.5% year-on-year. earlier.

Shares were down 9.7% at 211.33 pence each on Friday afternoon in London.

Along with a strong comparative for its last quarter, it said that adjusted sales of the same trading day consequently decreased by 3.0% compared to the previous year.

Looking ahead, Essentra said it was focused on maintaining profit margins.

In August, Essentra said it swung to a pre-tax loss of GBP900,000 in the six months ended June 30, from a profit of GBP11.1 million a year earlier.

By Xindi Wei, Alliance News reporter

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