INTERIM MANAGEMENT STATEMENT

RNS Number : 3697Q

Essentra plc

14 October 2013

 



14 October 2013

ESSENTRA PLC

("Essentra" or "the Company")

A leading international supplier of speciality plastic, fibre, foam & packaging components

INTERIM MANAGEMENT STATEMENT FOR THE PERIOD FROM 1^ST JULY 2013

CONTINUED STRONG MOMENTUM IN Q3

ON TRACK TO DELIVER FURTHER BALANCED, PROFITABLE GROWTH IN 2013

Company Financial Performance

During the third quarter¹ of 2013, the Company's overall performance was in line with the Board's expectations.  Revenue was ahead +23% versus Q3 2012 ("comparable period"²) at constant FX and +24% at actual rates: like-for-like ("LFL"³) growth was +9%.

Divisional Overview

Revenue vs comparable period	Q3 2013		Year-to-date 20134
	% change Actual FX	% change Constant FX	% change Actual FX	% change Constant FX
Component & Protection Solutions -     LFL	+9 +8	+7 +6	+7 +5	+4 +3
Porous Technologies -     LFL	+7 +7	+4 +4	+20 +8	+17 +5
Packaging & Securing Solutions -     LFL	+81 +3	+81 +3	+52 +6	+52 +6
Filter Products	+15	+16	+18	+17
Other5	+6	-	+4	-
Total Company -     LFL	+24 +9	+23 +9	+20 +10	+19 +9

¹ Period from 1 July 2013 to 28 September 2013

² Period from 1 July 2012 to 29 September 2012

³ Like-for-like revenue is adjusted to exclude the impact of acquisitions, disposals and foreign exchange, but includes the impact of Porous Technologies Korea and Essentra Security card solutions as they are no longer separately identifiable

⁴ Period from 1 January 2013 to 28 September 2013

⁵ Other relates to the Essentra Extrusion business

Component & Protection Solutions benefited from both an improved result in Components Europe and a stronger comparative performance for the Pipe Protection Technologies business.  Growth in Porous Technologies was led by Writing Instruments and Healthcare, while the increase in Packaging & Securing Solutions was boosted by new business wins in Packaging and a strong performance in Speciality Tapes, partially offset by weakness in certain activities in Security.  Volume growth combined with a positive mix effect from the demand for innovative special filters drove the result in Filter Products, with the performance in Extrusion reflecting a more encouraging end-market backdrop.

There has been no material change in the financial position of the Company during the period.

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

"With like-for-like growth of 9% and total revenue up 23% at constant exchange, Essentra both maintained its positive organic growth trend and continued to make good progress with the integration of recent acquisitions, including Essentra Healthcare Packaging which is in line with expectations.

As a result of this continued strong momentum, the Company is on track to deliver further balanced, profitable growth in 2013 and to continue to make progress towards its Vision 2015 objectives of at least mid single-digit like-for-like revenue growth and double-digit adjusted EPS growth at constant exchange."

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] (UK / international participants) [phone] (US participants)
Toll-free number:	0808 237 0030 (UK participants) [phone] (US participants)
PIN code:	51744660#
Replay number:	[phone]
Toll-free number:	0808 237 0026 (UK participants) [phone] (US participants)
Replay PIN	642544#
Replay available:	For 30 days

Enquiries

Essentra plc Joanna Speed, Corporate Affairs Director Tel: [phone]

Buchanan Richard Oldworth Jeremy Garcia Tel: [phone]

Notes to Editors

Essentra plc is a FTSE 250 company and a leading international supplier of speciality plastic, fibre, foam and packaging products.  Through its four principal operating divisions, Essentra focuses on the light manufacture and distribution of high volume, essential components which serve customers in a wide variety of end-markets and geographies.

Component & Protection Solutions

The Components business is a global market leading manufacturer and distributor of plastic injection moulded, vinyl dip moulded and metal items.  Operating units in 23 countries serve a very broad industrial base of customers with a rapid supply of primarily plastic products for a variety of applications in industries such as hydraulics, pneumatics, electrical controls and construction.

The Pipe Protection Technologies business specialises in the manufacture of high performance innovative products from commodity resins to engineering-grade thermoplastics and polymer alloys for use in a range of end-markets.  Locations in four countries, combined with a wide distributor network, serve customers around the world.

Porous Technologies

A global market leading developer and manufacturer of custom fluid handling components, engineered from a portfolio of technologies that includes bonded and non-woven fibre, polyurethane foam and porous plastic.  Representing leading innovations used in healthcare, consumer and industrial applications, its enabling components are found in a wide range of products from medical diagnostics tests to advanced wound care pads, inkjet printer cartridges, writing instruments, clean room wipes and air fresheners.  Customers in over 56 countries are served from six manufacturing facilities with research and development centres supporting the division globally.

Packaging & Securing Solutions

A leading global provider of packaging and securing solutions to a diversified blue-chip customer base. With a focus on delivering value adding innovation, quality and service to customers through a range of cartons, tapes, leaflets, foils and labels for the healthcare, consumer and specialist packaging, point of sale and paper & board industries. The division is also a leading supplier of authentication technologies and identity solutions. Customers in over 100 countries are served from facilities operating in eight countries.

Filter Products

The only global independent cigarette filter supplier.  The nine 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, packaging solutions to the roll your own sector and analytical laboratory services for ingredient measurement for the industry.

Other

The Extrusion business is a leading custom profile extruder located in The Netherlands and offers a complete design and production service.  One of the first companies to extrude plastics in 1956, it is now one of Europe's most advanced suppliers of co-extrusions and tri-extrusions to all branches of industry.

Headquartered in the United Kingdom, Essentra's global network extends to 29 countries and includes c. 5,500 employees, 42 principal manufacturing facilities, 64 sales & distribution operations and 5 research & development centres.  For further information, please visit www.essentra.com.  

 

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