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Essentra Q2, H1 LFL Revenues Up; Sees FY22 Adj. Operating Profit In Line With View

Essentra Plc (ESNT.L,FLRAF), a British packaging solutions provider, Thursday reported strong performance, with second-quarter like-for-like revenue growth of 9 percent and first-half revenue growth of 14 percent for the continuing business.

Looking ahead for fiscal 2022, the company expects adjusted operating profit to be in line with the Board's expectations.

The company in late June announced the sale of Packaging division to Mayr-Melnhof Group for 312 million pounds. For the half year results, Packaging will be accounted for as a discontinued operation.

Further, strategic review of the Filters division is progressing in line with expectations.

In its half year pre-close trading update, the company noted that the revenue growth was supported by pricing initiatives and volume growth.

Components continues to deliver with first-half revenue up 12.1% on LFL trading day adjusted basis. Filters' strong momentum continued, with LFL revenue growth of 15.4%.

Paul Forman, Chief Executive, said, "The strategic reviews remain on track and the recent announcement of the sale of Packaging is the first step to reposition Essentra as a leading manufacturer and distributor of components. Whilst we remain mindful of the current economic environment including ongoing cost inflation, the business remains on track to deliver adjusted operating profit in line with the Board's expectations."

The company will release its first-half results on August 17.

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