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Interim Results

Essentra adjusted operating profits fall

28 July 2017 09:14

Essentra's first half adjusted pre-tax and operating profits fell to £37m and £43m respectively - down 37% and 35% respectively on a year ago.

Revenues of £523m were up 6% at actual exchange rates but down 4% at constant currencies.

The interim dividend is unchanged at 6.3p per share.

Chief executive Paul Forman said: "Following a period of turbulence, we have done much in the first six months of 2017 to stabilise Essentra.

"This is not only with regard to our operational performance metrics, but also in terms of starting to win back lost credibility with our customers, improving engagement with our employees and creating a stable balance sheet supported by markedly improved cash flow control.

"There is clearly much for us all to do, and this will take time; however, now seven months into my tenure, I am encouraged by the progress we have made to date and by the positive energy for change across the organisation. "The in-depth strategy review process we have just undergone endorses my initial assessment of the Company; namely that I firmly believed that the fundamental strengths exist across all our businesses which we can build upon, and that the issues which have recently impacted Essentra were predominantly self-inflicted, and therefore capable of reversal.

"Having begun to stabilise most aspects of the business and started to refocus on doing "the basics" better, we now have a clear and robust corporate strategy from which to drive our future development. "Given the scale of the task, we will need to prioritise our objectives and our strategies will evolve further over time.

"Nonetheless, the vast majority of what we need to do is within our hands, and we are already well on our way to rebuilding the foundations from which we can restore sustainable growth in the Company."

At 9:14am: (LON:ESNT) Essentra share price was +3.75p at 539.25p

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