Essentra H1 Profit Drops; Maintains FY24 Outlook, In Line With Market View

(RTTNews) - Essentra plc (FLRAF, ESNT.L), a provider of essential components and solutions, reported Tuesday that its first-half pre-tax profit fell 61.2 percent to 4.0 million pounds from last year's 10.3 million pounds.

Profit per share was 0.9 pence, down from 2.6 pence a year ago.

Adjusted pre-tax profit was 17.7 million pounds, compared to 23.0 million pounds last year. Adjusted basic earnings per share were 4.6 pence, compared to 5.9 pence last year.

Revenue dropped 4 percent to 159.7 million pounds from 166.3 million pounds last year. At constant exchange rates, revenues grew 1.5 percent.

Further, the company announced interim ordinary dividend of 1.25 pence per share, in line with the company's previously stated policy.

Looking ahead, the company said Board expectations for fiscal 2024 adjusted operating profit remain unchanged and are aligned with market expectations.

The company compiled market expectations for 2024 adjusted operating profit are between 48.5 million pounds and 50.6 million pounds.

Scott Fawcett, Chief Executive, said, "Management remains confident in making further progress in 2024 towards Essentra's medium-term targets. We expect to see further modest improvements in volume in the second half of the year, and as such, FY 2024 expectations are unchanged."

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.