Plus   Neg

Essentra Expects LFL Revenue To Drop 10% In Q2, 9% In H1; Sees Revenue Progress In Q3

Essentra plc. (ESNT.L), a supplier of plastic and fibre products, Friday reported that its like-for-like revenue trend improved as the second quarter progressed, expecting 10 percent drop in the quarter and 9 percent decline in the first half. Going ahead for the third quarter, the company projects continued revenue progress on a stable operating base.

In its pre-close trading update for the half year ended June 30, in light of the impact of COVID-19, the company noted that first-quarter trading was largely unaffected by the pandemic, but the impact, as expected, the impact was more profound in the second quarter.

Nonetheless, the performance is in-line with expectations and trading trends are improving.

In the second quarter, like-for-like revenue fell 17% in April, 10% in May and anticipated 1 percent decline in June.

All 71 manufacturing and distribution facilities are operational and broadly back to pre-pandemic levels of service. The company said most significant impact of the pandemic was in Components, with underlying demand in Packaging and Filters robust and marginal year on year growth achieved in June in both divisions.

Looking ahead, the company anticipates some continued disruption to its trading in the coming months and believes that it is still too early to outline the full impact on full year financial performance - hence any guidance remains absent.

The company will report on its half year results on August 28.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
A new class-action lawsuit filed against Facebook accuses the company's photo and video-sharing app Instagram of illegally collecting biometric data of as many as 100 million users without their consent, according to reports. The lawsuit filed in a state court in California, alleges that Instagram uses its photo-tagging technology to create a database of users' facial features. Stein Mart, Inc. has joined the ever growing list of U.S. retailers who filed for bankruptcy protection amid the ongoing coronavirus (COVID-19) pandemic. The beleaguered off-price retailer filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Middle District of Florida. United Airlines said it is adding up to 28 daily nonstop flights this winter to Florida, in its efforts to manage the impact of COVID-19. The airline is increasing services to 'destinations where customers most want to fly'. The new round trip services will connect customers in Boston, Cleveland, Indianapolis, Milwaukee, New York/LaGuardia, Pittsburgh and Columbus, Ohio to four popular Florida...
Follow RTT