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03 Jul 2020 | 07:46

Essentra sees 9% fall in interim revenue

(Sharecast News) - Plastic and fibre product maker Essentra said it expected a 9% fall in interim like-for-like revenue but reported an improving sales trend over the second quarter. The company on Friday forecast a 1% fall in June like-for-like revenue, compared with a 10% fall in May and 17% in April.

Essentra continued to withhold full-year guidance as anticipated continued disruption to trading in the coming months.

It added that order book trends in its components division were positive - with June seeing a c10% improvement compared to May.

The order book for packaging was "encouraging", and remained higher year on year on a like-for-like basis. The division has been awarded more than $5m of new business.

"Despite the immediate challenges posed by the pandemic, the company is well positioned to respond effectively, with the revenue trend seen in Q2 expected to continue into Q3, barring a major second wave to the pandemic," Essentra said.
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