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Essentra April, Q1 Like-for-like Revenue Down - Quick Facts

Essentra plc (ESNT.L) reported that its group like-for-like revenue for the month of April decreased 17%, while it was down 7% in the first-quarter.

The groupwide performance was not materially impacted by COVID-19 in the first-quarter, but disruption to trading felt in April, the company said in a statement.

Total Components like-for-like revenue for the quarter was 5% down on the prior year period. Packaging like-for-like revenue was down 5% in the quarter.

The company said it is still too early to call out the full extent of the resulting impact on the full year financial performance - hence any guidance remains absent.

According to the company, the current expectation for May is at least in line with the April performance. However, the company also recognises that there is a risk of a second wave to the pandemic, which could adversely impact trading beyond the second-quarter.

The company said it continues to pursue the strategic initiatives that will drive its medium to long term growth, albeit at a revised pace.

Lorraine Trainer is stepping down as a Non-Executive Director and Chairman of the Remuneration Committee after today's 2020 Annual General Meeting, the company said.

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