Essentra Reports Loss In H1 While Sales Increase

Essentra plc (FLRAF) Wednesday reported statutory pre-tax loss of 0.9 million pounds for the first six months of the year compared with profit of 11.1 million pounds a year ago.

Excluding special items, the company posted adjusted pre-tax profit of 23.4 million pounds, up from 18.1 million pounds last year.

The company had a net loss of 4.6 million pounds or 1.9p per share from continuing operations in the first half compared with profit of 11.4 million pounds or 3.5p per share in the prior year.

Profit, adjusted for one-time items, increased to 17.2 million pounds or 5.3p per basic share from 16.5 million pounds or 5.2p per basic share last year.

Half-yearly revenue increased to 340.8 million pounds from 287.9 million pounds in the previous year.

Adjusted revenue was 332 million pounds compared with 291 million pounds a year ago.

The company's Board has recommended an interim dividend of 2.3 pence per 25 pence ordinary share, to be paid on October 28 to equity holders on the share register on September 23.

Looking forward, Essentra expects the Packaging sale to MM Group is expected to complete in the fourth quarter of this year. Further, the continuing Group expects to deliver adjusted operating profit in line with the Board's expectations.

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