Essentra plc FY22 Pre-Close Trading Update (8687L)
06 Enero 2023 - 1:00AM
UK Regulatory
TIDMESNT
RNS Number : 8687L
Essentra plc
06 January 2023
ESSENTRA PLC
FY 2022 PRE-CLOSE TRADING UPDATE
-- On a continuing operations basis(1) , the Group expects to
deliver full year like-for-like(2) ("LFL") revenue growth of
c.6.5%
-- Disposal of Packaging and Filters divisions completed,
realising Essentra's strategic goal of becoming a pure-play
components business
-- Q4 2022 continuing business revenue declined c.3.0% compared
to Q4 2021, on a LFL trading day adjusted basis
-- Pricing and proactive cost management actions have offset the
Q4 volume decline profit impact
-- Acquisition of the Wixroyd Group announced in December
-- FY 2022 adjusted operating profit remains in line with the Board's expectations
-- As previously guided, the Board confirms its intention to
return approximately GBP150m to shareholders in the first
quarter
Essentra plc, ("Essentra", or the "Company"), a leading global
provider of essential components and solutions, today provides a
pre-close trading update for the 12 months ended 31 December
2022.
On a continuing operations basis, the Group expects to deliver a
robust financial performance with full year LFL revenue growth of
c.6.5%. FY 2022 adjusted operating profit remains in line with the
Board's expectations.
In Q4 2022, as anticipated, the business saw a period of slower
global economic growth, with toughening market headwinds. Coupled
with the strong comparative for the quarter, LFL trading day
adjusted sales declined by c.3.0% compared to Q4 2021. Performance
in Q4 has varied by region. The European business has continued to
deliver growth at moderated levels, whilst the US business has
faced greater headwinds, with signs of distributor destocking. Asia
has seen a continuation of disrupted trading in China as a result
of enforced lockdowns, with that disruption showing signs of
abating through H1 2023 considering recent changes in policies.
Management remains confident in the business' ability to pass
through price increases to offset cost inflation, and the
underlying business operations remain strong. There continues to be
an improvement in customer satisfaction and service levels through
Essentra's ongoing focus on enhancing its hassle-free
proposition.
The Company was pleased to announce the acquisition of the
Wixroyd Group in December for an initial consideration of GBP29.5m.
This represents Essentra's first acquisition as a pure-play
components business, further strengthening the breadth of offer and
expertise to the benefit of its customers. Early integration plans
are on track.
Looking ahead, the Group continues to monitor the macro-economic
outlook and is focused on maintaining profit margins. The Group's
resilience is supported by its breadth of customers, market
categories, geographies and acquisition momentum. The Company's
strong balance sheet also provides flexibility to pursue organic
and inorganic growth opportunities.
Notice of results
The Company will report its full year results, for the twelve
months ended 31 December 2022, on Wednesday 22 March 2023. Further
details regarding the Company's presentation to analysts and
investors will be provided nearer the time.
Notes
(1) Continuing operations excludes the Filters and Packaging
divisions, which will be reported as discontinued operations in
accordance with IFRS 5 in the FY 2022 results
(2) The term "like-for-like" adjusts for the impact of
acquisitions and foreign exchange
Enquiries
Essentra plc Tulchan Communications LLP
Claire Goodman, Group Investor Relations Olivia Peters
Manager Lisa Jarrett-Kerr
Jack Clarke, Chief Financial Officer Tel: +44 (0)20 7353 4200
Tel: +44 (0)1908 359100
Notes to Editors
About Essentra plc
Essentra plc is a FTSE 250 company and a leading global provider
of essential components and solutions, focusing on the manufacture
and distribution of plastic injection moulded, vinyl dip moulded
and metal items.
Headquartered in the United Kingdom, Essentra's global network
extends to 25 countries worldwide and includes over 3,000
employees, 13 manufacturing facilities, 24 distribution centres and
33 sales & service centres serving c.80,000 customers with a
rapid supply of low cost but essential products for a variety of
applications in industries such as equipment manufacturing,
automotive, fabrication, electronics, medical and renewable
energy.
For further information, please visit www.essentraplc.com
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