Business
COVID-19 Update
COVID-19 Update.
About this update from Essentra Plc
[{"type":"text","content":"\n \n \n RNS Number : 7934H\n Essentra plc\n 27 March 2020\n \n \n \n \n ESSENTRA PLC\n \n \n COVID-19 Update\n \n \n \n \n \n \n Summary\n \n \n · \n 3 priorities; employee physical and emotional wellbeing, continued high levels of customer support, cash conservation\n \n \n · \n Groupwide performance not materially impacted in first two months by COVID-19 but disruption to trading anticipated in the coming months \n \n \n · \n Underlying demand in Packaging and Filters currently remains robust, but Components saw some weakening in the week commencing 16th March with an accelerated trend expected\n \n \n · \n Liquidity position and capital structure well placed to absorb an extended period of uncertainty \n \n \n · \n In light of the need for prudent cash management, the Board has decided to cancel the 2019 final dividend. \n Other cash actions include reductions in capex, net working capital and discretionary costs.\n \n \n · \n Well positioned to respond effectively to the impacts of the pandemic and return to driving growth over the medium to long term\n \n \n \n \n \n \n \n \n \n Essentra PLC (the 'Company'), a leading global provider of essential components and solutions, today issues an update on the impact of the COVID-19 virus on the business. This announcement is made in the context of the increasingly uncertain macro-environment, which has been uniquely impacted by the rapid and global spread of COVID-19. \n \n \n People \n \n \n \n \n \n The Company's immediate priority is the health and safety of its people. We have been taking every possible step to reduce the risk of infection across our sites and are working closely with local authorities to ensure the continued safety and wellbeing of our people, as the situation develops.\n \n \n The Company\n has implemented responsible working practices for the current environment and has established appropriate governance and communication structures to enable focussed decision making. We have already seen an exceptional response from our employees, even in locked down countries, and we are extremely grateful for their outstanding commitment. This feature, allied to our inherent strategic strengths, provides a good platform to manage through this uncertain period.\n \n \n \n \n \n Customers \n \n ...