Business
Results for the Half Year Ended 30 June 2023
Results for the Half Year Ended 30 June 2023.
About this update from Essentra Plc
[{"type":"text","content":"\n\nESSENTRA PLC\n(\"Essentra\" or the \"Company\")\nRESULTS FOR THE HALF YEAR ENDED 30 JUNE 2023\nA resilient half year performance. FY 23 expectations unchanged.\n \nResults at a glance\n \n\n\n\n\n \n\n\nH1 2023 £m\n\n\nH1 20222 £m\n\n\n% change Actual FX\n\n\n% change Constant FX\n\n\n\n\nRevenue\n\n\n166.3\n\n\n175.9\n\n\n-5.5\n\n\n-7.1\n\n\n\n\nAdjusted1 operating profit\n\n\n23.0\n\n\n15.1\n\n\n+52.3\n\n\n+48.7\n\n\n\n\nAdjusted1 operating margin\n\n\n13.8%\n\n\n8.6%\n\n\n520bps\n\n\n520bps\n\n\n\n\nAdjusted1 pre-tax profit\n\n\n23.0\n\n\n3.4\n\n\n>100%\n\n\n>100%\n\n\n\n\nAdjusted1 basic earnings per share\n\n\n5.9p\n\n\n0.9p\n\n\n>100%\n\n\n>100%\n\n\n\n\nAdjusted1 net cash flow from operating activities\n\n\n20.5\n\n\n(0.9)\n\n\n-\n\n\n-\n\n\n\n\nReported operating profit\n\n\n10.3\n\n\n1.0\n\n\n>100%\n\n\n>100%\n\n\n\n\nReported pre-tax profit / (loss)\n\n\n10.3\n\n\n(10.7)\n\n\n-\n\n\n-\n\n\n\n\nReported net profit / (loss)\n\n\n7.7\n\n\n(9.0)\n\n\n-\n\n\n-\n\n\n\n\nReported profit / (loss) per share\n\n\n2.6p\n\n\n(3.0)p\n\n\n-\n\n\n-\n\n\n\n\nDividend per share5\n\n\n1.2p\n\n\n2.3p\n\n\n-47.8\n\n\n-\n\n\n\n\nNet cash inflow / (outflow) from operating activities6\n\n\n8.9\n\n\n(6.4)\n\n\n-\n\n\n-\n\n\n\n\nFree cash flow6\n\n\n15.3\n\n\n(3.5)\n\n\n-\n\n\n-\n\n\n\n\nNet debt4\n\n\n8.3\n\n\n309.9\n\n\n-\n\n\n-\n\n\n\n\nNet debt to adjusted EBITDA3,4\n\n\n0.2x\n\n\n2.1x\n\n\n-\n\n\n-\n\n\n\n\n \nFinancial and operational resilience\n· H1 2023 performance in line with expectations\n· Revenue decline of 5.5% to £166.3m (H1 20222: £175.9m)\n· Adjusted1 operating profit increase to £23.0m (H1 20222: £15.1m)\n· Pro-active and disciplined management of costs\n· Strong pricing maintained, offsetting inflation\n· Wixroyd integration on track, unlocking new cross-sell opportunities across Europe\n· Central corporate costs resized as Essentra transitions to a pure-play business. Remain on track to deliver the previously guided run rate of c.£13m\nStrong balance sheet, enabling investment in organic and inorganic growth\n· Adjusted1 operating cash flow of £20.5m, cash conversion of 89.1%\n· &nb...