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Essentra adjusted operating profits fall

StockMarketWire.com

Essentra posts total adjusted operating profits of £132m for the year to the end of December - 23% down at actual exchange rates and 29% lower at constant currencies.

Total revenue fell by 9% on a like-for-like basis.

The group said the decline in revenue, profit and EPS was driven by deterioration in Health & Personal Care Packaging and short-term issues in Filter Products.

It said a comprehensive business review was under way and a clear corporate strategy to restore growth would be communicated with HY 2017 results at end-July.

Chairman Paul Lester said: "FY 2016 has been a year of challenge and change for our Company.

"In particular, the integration issues primarily relating to the Clondalkin acquisition in Health & Personal Care Packaging - as highlighted in the trading updates - not only resulted in additional cost but also in an accelerating decline in the underlying trading position at the impacted sites.

"Notwithstanding these challenges, however, the Board is recommending to hold the final dividend unchanged.

"Essentra remains a fundamentally strong organisation, and I and my Board colleagues look forward to working with our new chief executive, Paul Forman, as we drive our collective objectives of delivering sustainable, long-term shareholder value, excellent customer service and a motivated and engaged workforce."



Story provided by StockMarketWire.com