Interim Management Statement

RNS Number : 1642Q

Filtrona plc

14 October 2011

 



14 October 2011

FILTRONA PLC

("the Company")

 A leading international supplier of speciality plastic and fibre products

INTERIM MANAGEMENT STATEMENT FOR THE PERIOD FROM 1^st JULY 2011

STRONG MOMENTUM MAINTAINED IN Q3

WELL-POSITIONED TO DELIVER BALANCED GROWTH IN FY 2011

Company Financial Performance

During the third quarter¹ of 2011, the Company's overall performance was in line with the Board's expectations.  Revenue was +10% versus Q3 2010 ("comparable period" ²) at both actual and constant FX: like-for-like ("LFL" ³) growth was +7%.

Divisional Overview

Revenue versus comparable period

	Q3 2011		Year-to-date 20114
	% change Actual FX	% change Constant FX	% change Actual FX	% change Constant FX
Protection & Finishing Products	+24	+24	+22	+24
-      LFL		+13		+17
Porous Technologies	(1)	-	+2	+5
Coated & Security Products	+8	+8	+8	+8
Filter Products	+6	+5	+2	+2
Total Company	+10	+10	+9	+10
-      LFL		+7		+8

¹ period from 1 July 2011 to 1 October 2011.

² period from 1 July 2010 to 2 October 2010.

³ adjusted to exclude the impact of acquisitions and foreign exchange.

⁴ period from 1 January 2011 to 1 October 2011.

Protection & Finishing Products continued its broad-based growth across the division (LFL +13%), supplemented by a full contribution period from the Stera Tape business and the acquisition of Reid Supply Company ("Reid Supply").  The performance in Porous Technologies was impacted by a moderation in customer demand during the period, which is anticipated to recover.  In Coated & Security Products, the increase was led by revenue growth in tear tape, while a strong positive mix effect drove the continued momentum in Filter Products. 

Financial Position

Net debt was £80m as at 1 October 2011, a £2m reduction since end-June, benefiting from continuing strong operating cash flow.

Acquisition Completion

As previously announced, the Company completed the acquisition of the assets and business of Reid Supply with effect from 6 September 2011.

Commenting on today's Interim Management Statement, Colin Day, Chief Executive, said:

"With year-to-date revenue growth of +10% at constant exchange and +8% on a like-for-like basis, the Company has continued to see positive momentum.  As a result, while mindful of the current economic uncertainty, we are well-positioned to deliver balanced growth for the remainder of 2011 and into the next financial year."

The Company will hold a conference call to discuss this Interim Management Statement at 08:30 (UK time) today, details of which are as follows:

Dial-in number:	[phone]
PIN code:	155806#
Replay number:	[phone]
	[phone] (US toll free)
Conference reference:	380143#

Enquiries

Filtrona plc Steve Crummett, Group Finance Director Joanna Speed, Corporate Affairs Director Tel: [phone]

Financial Dynamics Richard Mountain Nina Delangle Tel: [phone]

Notes to Editors

Filtrona plc is a leading international supplier of speciality plastic and fibre products. Further information can be found on the website www.filtrona.com.

Protection & Finishing Products

A global market leading provider of product protection and finishing products, manufacturing and distributing plastic injection moulded, dip moulded, adhesive-coated foam and metal products. The division has 42 operating units in 14 countries serving a very broad industrial base of over 115,000 customers with a rapid supply of primarily plastic products for protection and finishing applications in industries such as hydraulics, pneumatics, oil and gas, electrical controls, point of purchase and tubular metal products.

Porous Technologies

The leading global technology developer and manufacturer of custom bonded fibre and hydrophilic foam components.  Its components handle fluid and vapour and deliver high value and precision performance to many of the most well-known healthcare, consumer and industrial brand owners in the world.  These components are used in a wide range of product applications including medical diagnostics and wound care, inkjet printer cartridges, writing instruments and air fresheners.

Coated & Security Products

The global market leading producer of high quality self-adhesive tear tape and a growing supplier of labels, products and technologies for brand protection, document authentication and personal identification.  Customers in over 100 countries are served from facilities operating in seven countries. The division also includes plastic profile extrusion activities in The Netherlands.

Filter Products

The division is the only global independent cigarette filter supplier.  The 9 worldwide locations, including a UK-based research facility and three regional development centres provide a flexible infrastructure strategically positioned to serve the tobacco industry.  The division supplies a wide range of value adding high quality innovative filters from monoacetate to multi-segment speciality filters with sophisticated adsorbent materials.

 

END

 

 

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