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Essentra revenue drops on weakness in packaging division

By BFN News | 07:57 AM | Friday 23 October, 2020

Components and solutions business Essentra reported a fall in revenue in the third quarter of the year, amid improved performance in its components business and weakness in its packaging division. For the three months through September, like-for-like revenue declined by 6.7% compared with the prior year. In the components division, revenue fell 13.9%, an improvement on the 20% slip seen in the second quarter. This 'clearly' demonstrated the carry through of improving trading trends seen since a nadir in April, the company said. A reduction in elective surgeries and prescription levels led to a decline of 8.5% in revenue in the company's packaging division. Filters division revenue grew 2.0%. 'Barring a material disruption from a second wave to the Covid-19 pandemic, and based on recent trading, the board's expectations for the year ending 31 December 2020 remain unchanged,' Essentra said. Story provided by

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