Business
Results for the Half Year Ended 30 June 2019
Results for the Half Year Ended 30 June 2019.
About this update from Essentra Plc
[{"type":"text","content":"\n \nRNS Number : 6523H Essentra plc 02 August 2019 \n\n \nESSENTRA PLC\n(the \"Company\")\n \nRESULTS FOR THE HALF YEAR ENDED 30 JUNE 2019\nENCOURAGING FINANCIAL PROGRESS & SIGNIFICANT PORTFOLIO RATIONALISATION, WITH THREE FOCUSED, GLOBAL DIVISIONS SET FOR CONTINUED GROWTH\n \n \nSummary:\n· Half year results build on the inflection point in FY 2018, with revenue and profit growth in each of the three global divisions and significant portfolio simplification.\n− Positive momentum maintained in Packaging, having returned to growth in H2 2018. \n· Revenue +1.3% on a like-for-like1 basis (+3.7%, adjusting for the closure of the Kilmarnock and Largo consumer packaging sites and the cessation of Speciality Tapes in Nottingham at the end of 2018). \n \n· Adjusted2 operating profit up 9.6% (at constant FX) to £48.3m, after applying IFRS 16. \n− Adjusted2 operating profit up 7.2% (at constant FX) at £47.3m, before applying IFRS 16.\no +10.8%, adjusting for disposals, site closures and business cessation.\n− Reported operating profit of £60.1m compares to £26.0m in HY 2018. \n \n· Adjusted2 basic EPS higher by 7.5% (at constant FX) at 12.0p.\n− Reported basic EPS of 11.6p compares to 5.7p in HY 2018.\n \n· Net debt of £242.0m and net debt to EBITDA ratio of 1.6x, after applying IFRS 16. \n− Net debt of £192.8m and net debt to EBITDA of 1.4x, before applying IFRS 16.\n \n· Half year dividend unchanged at 6.3p per share.\n \n· Further good progress on all key operating and employee metrics of the stability programme.\n \n· Simplification of the portfolio, allowing the Specialist Components division to be dissolved by the end of Q3 2019.\n− Funds used for two value-creating acquisitions and net debt reduction.\n \n· Stable FY 2019 outlook reiterated, with further financial, operational and portfolio progress expected in H2.\n \n \n1 Excludes the impact of acquisitions, disposals and foreign exchange \n2 Before amortisation of acquired inta...