Essentra plc Q3 2023 Trading Update (1766R)
25 Ottobre 2023 - 8:00AM
UK Regulatory
TIDMESNT
RNS Number : 1766R
Essentra plc
25 October 2023
ESSENTRA PLC
("Essentra", the "Group, or the "Company")
RESILIENT Q3 PERFORMANCE
Essentra plc, a leading global provider of essential components
and solutions, today provides a third quarter trading update for
the thirteen weeks ended 30 September 2023 ("Q3").
Trading Update
Consistent with the update shared at the HY23 results, Essentra
has continued to deliver a resilient performance in Q3,
demonstrating the Group's financial discipline and operational
strength, as it continues to make progress towards its medium-term
targets.
On a like-for-like(1) ("LFL") and trading day adjusted basis,
revenue declined by -7.1% in Q3 2023, compared to the same period
in the prior year, an improvement from the decline experienced in
Q2 2023 of -11.9% on a LFL and trading day adjusted basis. Sales on
a sequential quarter on quarter basis remain broadly stable as
guided, whilst prior year comparatives have started to ease after a
strong H1 2022 performance.
EMEA performance in the third quarter has experienced market
softening, in line with changes to the macro-economic environment.
In AMERS, destocking behaviour continues to be observed in
distributor end-market channels, whilst the APAC business continues
to recover at a gradual pace, driven by the market dynamics in
China.
Essentra continues to deliver strong operating margins. All
regions continue to maintain sales pricing, and see the benefit of
pro-active and disciplined cost management actions. Group central
costs that were re-sized in H1 2023, continue to be managed and
remain in line with previous guidance.
The acquisition of BMP TAPPI announced on 26 September 2023
remains on track to complete shortly. BMP TAPPI will strengthen the
Group's product portfolio and unlock further cross-selling
opportunities, in line with Essentra's inorganic growth strategy,
and will enhance the Group's manufacturing footprint in Europe.
Outlook
Essentra continues to demonstrate through-cycle resilience, as
it has historically, and is well positioned with a robust and
differentiated business model, underpinned by its breadth of
customers, market categories and geographies, as well as a strong
balance sheet.
Reflecting the softer trading environment, the Board expects to
deliver adjusted operating profit within its expectations for FY23,
but towards the lower end.
1. The term "like-for-like" describes the performance of the
continuing business on a comparable basis, adjusting for the impact
of acquisitions, disposals and foreign exchange. 2023 LFL sales
performance is adjusted for the acquisition of the Wixroyd Group
("Wixroyd") on 1 December 2022.
Enquiries
Essentra plc Teneo
Jack Clarke, Chief Financial Officer Olivia Peters
Claire Goodman, Investor Relations essentra@teneo.com
Manager
Emma Reid, Company Secretary
Tel: +44 (0)1908 359100 Tel: +44 (0)20 7353 4200
Notes to Editors
About Essentra plc
Essentra plc is a FTSE 250 company and a leading global provider
of essential components and solutions, focusing on the manufacture
and distribution of plastic injection moulded, vinyl dip moulded
and metal items.
Headquartered in the United Kingdom, Essentra's global network
extends to 28 countries worldwide and includes over 3,000
employees, 13 manufacturing facilities, 24 distribution centres and
33 sales & service centres serving c.74,000 customers with a
rapid supply of low cost but essential products for a variety of
applications in industries such as equipment manufacturing,
automotive, fabrication, electronics, medical and renewable
energy.
For further information, please visit www.essentraplc.com
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END
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