Essentra PLC on Tuesday left its annual expectations unchanged, after reporting lower interim revenue and profit.
In the six months ended June 30, the Oxford, England-based components company reported that revenue fell 4.0% to £159.7 million from £166.3 million a year earlier.
Pretax profit plummeted to 4.0 million from £10.3 million.
Essentra announced an interim dividend of 1.25 pence, up 4.2% from 1.20p a year ago.
Looking ahead, Essentra said expectations for 2024 adjusted operating profit remain unchanged and are ‘aligned with market expectations.’ It added that it is ‘well positioned with a right-sized cost base and robust operations to deliver operating leverage as market growth returns.’
‘We are encouraged by the sequential momentum through the first half of 2024, and in particular sales and volume trends returning to year-on-year growth in Q2, while recognising that market sentiment remains mixed by region with modest levels of recovery to date,’ said Chief Executive Scott Fawcett.
In light of the mixed macro environment, the business continues to maintain a balanced approach to cost control, driving further operational efficiencies, whilst also investing appropriately in value-enhancing growth initiatives that will support long-term value creation.‘
Shares in Essentra were down 0.2% to 164.70 pence each in London on Tuesday afternoon.
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