(Sharecast News) - Essential components manufacturer Essentra said on Thursday that its "encouraging start" to the year had continued, with like-for-like growth across the four months ended 30 April at 6.0%.
However, Essentra did note that its more recent growth rate was "inevitably skewed" due to the initial impact of the Covid-19 pandemic in April 2020 and stated that compared to April 2019, last month's trading performance was broadly flat on a like-for-like basis.
Essentra said its April performance was principally from its components division, where end markets continued to improve and its commercial initiatives delivered benefits, and its filters division, where performance was mainly driven by outsourcing contracts delivering strong volumes.
Packaging was said to have remained down year-on-year owing to the continued impact from a reduction in the level of prescriptions and elective surgeries through lockdown periods, combined with the fact that its prior-year comparative benefitted from a boost to over-the-counter trade as a result of the Covid-19 pandemic.
"Recent order book trends continue to improve across the Group, and we expect this positive momentum to continue," said Essentra.
"Although the pandemic continues to contribute to an uncertain macro-economic environment, the diverse nature of the company's end markets provides a degree of resilience against the macro uncertainty caused by the pandemic."
As of 0840 BST, Essentra shares were up 0.97% at 313.0p.