Business
Results for the Half Year Ended 30 June 2024
Results for the Half Year Ended 30 June 2024.
About this update from Essentra Plc
[{"type":"text","content":"\n\nESSENTRA PLC\n(\"Essentra\", the \"Group\" or the \"Company\")\nRESULTS FOR THE HALF YEAR ENDED 30 JUNE 2024\n Return to growth in the second quarter. FY24 expectations unchanged.\n \nResults at a glance\n\n\n\n\n \n\n\n H1 2024 £m\n\n\nH1 2023 £m\n\n\nChange Constant FX\n\n\nChange Actual FX\n\n\n\n\nRevenue\n\n\n159.7\n\n\n166.3\n\n\n+1.5%\n\n\n(4.0)%\n\n\n\n\nAdjusted1 operating profit\n\n\n21.8\n\n\n23.0\n\n\n+7.6%\n\n\n(5.2)%\n\n\n\n\nAdjusted1 operating margin\n\n\n13.7%\n\n\n13.8%\n\n\n+80bps\n\n\n(10)bps\n\n\n\n\nNet financing costs\n\n\n(4.1)\n\n\n-\n\n\n-\n\n\n-\n\n\n\n\nAdjusted1 pre-tax profit\n\n\n17.7\n\n\n23.0\n\n\n(14.0)%\n\n\n(23.0)%\n\n\n\n\nAdjusted1 basic earnings per share\n\n\n4.6p\n\n\n5.9p\n\n\n(13.3)%\n\n\n(22.0)%\n\n\n\n\nAdjusted1 net cash flow from operating activities\n\n\n17.5\n\n\n20.5\n\n\n(2.8)%\n\n\n(14.6)%\n\n\n\n\nReported operating profit\n\n\n8.1\n\n\n10.3\n\n\n+4.2%\n\n\n(21.4)%\n\n\n\n\nReported pre-tax profit\n\n\n4.0\n\n\n10.3\n\n\n(50.7)%\n\n\n(61.2)%\n\n\n\n\nReported net profit\n\n\n2.5\n\n\n7.7\n\n\n(54.7)%\n\n\n(67.5)%\n\n\n\n\nReported profit per share\n\n\n0.9p\n\n\n2.6p\n\n\n-\n\n\n(65.4)%\n\n\n\n\nDividend per share\n\n\n1.25p\n\n\n1.20p\n\n\n-\n\n\n+4.2%\n\n\n\n\nReported net cash inflow from operating activities2\n\n\n14.5\n\n\n8.9\n\n\n-\n\n\n62.9%\n\n\n\n\nFree cash flow2\n\n\n12.5\n\n\n15.3\n\n\n-\n\n\n(18.3)%\n\n\n\n\nNet debt / (funding surplus)4\n\n\n59.7\n\n\n(12.9)\n\n\n-\n\n\n-\n\n\n\n\nNet debt / (funding surplus) to adjusted EBITDA3,4\n\n\n1.1x\n\n\n(0.3)x\n\n\n-\n\n\n-\n\n\n\n\nNumbers reported on a continuing operations basis\nFinancial performance\n· Revenue of £159.7m (H1 2023: £166.3m), 1.5% growth on a constant currency basis, 4.0% decline on a reported basis\n· Sequential quarterly improvement in revenue year to date, with the business returning to year-on-year growth in Q2 on a like-for-like5 (\"LFL\") basis\n· Gross margin expansion to 46.4% (H1 2023: 43.9%)\n· Adjusted1 operating profit £21.8m (H1 2023: £23.0m), representing 7.6% growth on a constant currency basis, with adjusted operating margins of 13.7% (H1 2023: 13.8%)\n· Central corporate costs in line with the c.£13m annual run rate previously guided\n· Adju...