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(Alliance News) - Essentra PLC on Friday posted a fall in revenue for the third quarter of 2020 as it said that barring further Covid-19 disruptions, its expectations for the full year remain unchanged.
For the three months ended September 30, revenue for the FTSE 250 plastics and fibre products manufacturer declined 6.7% on the year prior on a like-for-like basis.
A reduction in elective surgeries and prescription levels meant the Packaging division had a weaker third quarter, with like-for-like revenue falling by 8.5%. In the Components division, like-for-like revenue declined by 14%, an improvement on the 20% decline recorded in the second quarter. Revenue for the Filters division grew by 2.0%.
"We have delivered another resilient financial performance in the third quarter. For Components and Filters, the improving trading trends we saw through quarter two have been maintained in quarter 3 as expected. Whilst a reduction in elective surgeries and prescription levels have meant that the Packaging division has had a weaker third quarter, the pharmaceutical and beauty markets are starting to slowly recover in the fourth quarter thus far," said Chief Executive Paul Forman.
Shares in Essentra were trading 1.0% higher at 265.84 pence each on Friday morning in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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