Plastic products supplier Essentra (ESNT) has warned its two packaging sites in Puerto Rico were disrupted due to Hurricane Maria, with the financial impact estimated to hit £0.5m to £0.75m per week.
Shares in the FTSE 250 firm are down 2.6% to 494.9p as a significant amount of the costs are anticipated to be recovered through Essentra’s insurance.
The company says that the facilities at Manati and Guaynabo did not sustain ‘significant physical damage’ but they haven’t been operational since 19 September.
FULL IMPACT AS YET UNKNOWN
It is not possible to speculate when the sites will be reopened and normal output levels achieved due to numerous obstacles - but it is unlikely to be in the immediate future says Essentra.
Current issues include staffing, availability of power and ongoing disruption to general infrastructure.
The company also flags minor disruption in Houston and Florida from Hurricanes Harvey and Irma, which is estimated to be in the range of £0.5m to £1m.
However, the impact of the latest hurricanes isn't bad news for everyone on the stock market.
Equipment rental business Ashtead (AHT) said the hurricane season is generating 'significant activity' earlier this month.
