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(Sharecast News) - Essential components provider Essentra said on Thursday that it has had "a strong start to the year", with like-for-like revenue growth of 16.4% in the first quarter of 2022, building on the "positive momentum" seen by the group throughout 2021.
However, while Essentra said it had delivered "good growth" in April and noted that demand remained "positive" in its end markets, it also cautioned that growth may moderate despite its "strong order book" and continued efforts to mitigate cost inflation through pricing actions as comparatives become tougher moving forward.
The FTSE 250-listed firm said growth in its packaging division accelerated to 11.1% in the first quarter, supported by a continued recovery in healthcare markets and the positive impact of price increases to help offset cost inflation. This trend continued in April.
Essentra's filters division also delivered "another strong performance" in the quarter, with like-for-like revenue increasing 15.9% year-on-year.
Looking ahead, Essentra said: "The group continues to manage supply chain and inflationary pressures and remains focused on delivering its commercial and strategic priorities. Whilst growth rates may moderate as comparatives become tougher, the company expects to deliver adjusted operating profit in line with the board's expectations."
As of 0810 BST, Essentra shares were down 0.97% at 305.0p.
Reporting by Iain Gilbert at Sharecast.com
