Business
Annual General Meeting - Trading Update
Annual General Meeting - Trading Update.
About this update from Essentra Plc
[{"type":"text","content":"\n \n \n \n ESSENTRA PLC\n \n \n \n \n (\"Essentra\" or \"the Company\")\n \n \n \n \n A leading global provider of essential components and solutions\n \n \n \n \n \n \n \n ANNUAL GENERAL MEETING - TRADING UPDATE\n \n \n \n At Essentra plc's (\"Essentra\" or \"the Company\") Annual General Meeting (\"AGM\") today, Paul Lester, Chairman, will make the following statement.\n \n \n \n ·\n The strategic reviews of Filters and Packaging are progressing in line with expectations\n \n \n ·\n The Group had a strong start to the year, with like-for-like (\"LFL\")1 Q1 revenue growth of 16.4%, supported by pricing initiatives and volume growth\n \n \n ·\n Components delivered another strong performance with growth of 23.9% in Q1, +15.9% on a LFL trading day adjusted basis\n \n \n ·\n Packaging achieved LFL Q1 revenue growth of 11.1%, supported by the continued recovery of healthcare markets\n \n \n ·\n Filters delivered LFL Q1 revenue growth of 15.9% benefitting from its 'game changers'\n \n \n ·\n The Company is expecting to deliver FY 2022 adjusted operating profit in line with the Board's expectations\n \n \n \n The Group had a strong start to the year with LFL1 revenue growth of 16.4% in Q1 2022, compared to the same period in the prior year. April trading continued to show good momentum and order book trends remain positive across the Group. The Company expects to deliver FY 2022 adjusted operating profit in line with the Board's expectations.\n \n \n \n Trading update\n \n \n \n The Components division had a strong start to the year. Q1 LFL revenue on a trading day adjusted basis increased by 15.9% when compared to Q1 2021. This performance continues to build on the positive momentum seen throughout 2021. Whilst we delivered good growth in April and demand remains positive in our end markets, growth may moderate as comparatives become tougher. We have a strong order book and we continue to mitigate cost inflation through pricing actions.\n \n \n The Packaging division's growth accelerated to 11.1% in Q1 when compared to Q1 2021. This performance was supported by the continued recovery in healthcare markets and the positive impact of price increases which is helping offset cost inflation. This trend continued in April, and we are closely managing supply chain challenges, which are impacting the availability of raw materials. Th...