(Alliance News) - Essentra PLC on Wednesday said that its business was resilient as it performed in line with expectations, as the decline in like-for-like sales revenue decelerated.
The Oxford-based components company said that revenue on a like-for-like basis and trading day adjusted basis fell by 3.6% year-on-year in the 13 weeks to December 31, which it highlighted was an improvement from the year-on-year decline of 7.1% in the third quarter.
"EMEA [Europe, Middle East & Africa] saw an improvement in new order momentum in Q4, whilst continuing to experience market softening as previously guided, in line with changes to the macro-environment. The AMERS [North, Central & South America] region saw trading stability quarter on quarter, and remains focused on the improvement in destocking trends within distributor end-market channels. The APAC [Asia-Pacific] business has continued to demonstrate a gradual recovery," the company said.
For 2023, Essentra expects to deliver adjusted operating profit in line with an undefined "previously shared" guidance. It added that it remained "well positioned to continue to progress towards its medium-term targets."
Chief Executive Officer Scott Fawcett said: "I'm pleased with Essentra's performance in its first full year as a standalone components business. This year, we have been operationally successful whilst navigating the macro-economic backdrop, with the execution of M&A, the expansion of our footprint and right-sizing of our central cost base. We are on track to deliver adjusted operating profit in line with previously shared guidance, and continue to progress towards our medium-term targets".
Essentra will release its 2023 results on March 19.
Essentra shares fell 2.7% to 153.80 pence each on Wednesday morning in London.
By Tom Budszus, Alliance News slot editor
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Essentra (ESNT)