(Correcting company description.)
(Alliance News) - Essentra PLC on Friday said it expects to deliver a "robust" performance in 2022, but headwinds have restrained its growth.
The Milton Keynes, England-based components producer said it expects adjusted operating profit for the year to remain in line with company expectations.
Essentra noted that its business saw a slower period of economic growth in 2022 as a result of toughening market headwinds, but expects like-for-like revenue to grow by 6.5% against the previous year.
Shares were down 9.7% at 211.33 pence each on Friday afternoon in London.
Coupled with a strong comparative for its final quarter, it said like-for-like trading day adjusted sales have consequently fallen by 3.0% compared with the year prior.
Looking ahead, Essentra said it was focused on maintaining profit margins.
In August, Essentra had said it swung to a pretax loss of GBP900,000 in the six months that ended on June 30, from a profit of GBP11.1 million a year before.
By Xindi Wei, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2023 Alliance News Ltd. All Rights Reserved.
Essentra (ESNT)