MoneyAM MoneyAM
 Home   Log In   Register   Our Services   My Account   Contact   Help 
 Stockwatch   Level 2   Portfolio   Charts   Research   Share Price   Awards   Indices   Market Scan   Company Zone   Traders' Room 
 Funds   Trades   Terminal   Alerts   Heatmaps   News   Stock Screener   Forward Diary   Forex Prices   Director Deals   Investors' Room 
 CFDs   Shares   SIPPs   ISAs   Forex   ETFs   Videos   Comparison Tables   Spread Betting   Broker Notes   Shares Magazine 
You are NOT currently logged in

Filter Criteria  
Epic: Keywords: 
From: Time:  (hh:mm) RNS:  MonAM: 
To: Time:  (hh:mm)
Please Note - Streaming News is only available to subscribers to the Active Level and above

Essentra adjusted operating profits fall

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