Essentra plc (FLRAF), on Thursday, issued a trading update for the four months ended 4 May 2024 and reported that it is on track to deliver full year adjusted operating profit in line with the Board's expectations.
The company noted that it has demonstrated a sequential improvement in sales performance, with average sales per trading day increasing by approximately 5% compared to Q4 2023 on a like-for-like or LFL basis.
Group revenue experienced a 1.2% decrease in the period, compared to the same period in 2023, on a trading day adjusted basis. The LFL sales declined by 5.0%, reflecting a relatively stronger performance in the Americas and EMEA at the beginning of 2023, partially offset by a positive 3.8% contribution from the acquisition of BMP s.r.l.
The board's expectations for 2024 remain unchanged. Consistent with the outlook shared during the FY2023 results, Management foresees a second-half weighted performance with an anticipated improvement in volumes in the latter part of the year.
Further, the Group is strategically positioned to capitalize on a recovery in its end-markets once volume growth returns to normalized levels. This is attributable to the proactive measures taken to align the cost base and optimize the business for enhanced operating leverage.
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