Filtrona's year to date on track

Filtrona's overall performance in the year to date has been in line with expectations and the filters group said its restructuring programmes are progressing well. The group said trading cash flow has been strong as a result of continued focus on working capital and lower levels of capital expenditure. The relative resilience of the global tobacco industry has continued to benefit the Coated and Security Products and Filter Products divisions, while the Porous Technologies unit has experienced slightly improved trading conditions in the second quarter versus the first quarter due to higher printer system revenues. However, the depressed level of activity in the US and European manufacturing sectors, combined with significant weakness in the onshore oil and gas market, generated a difficult trading environment for the Protection and Finishing Products division in the year to date. "The company's focus on cash generation, cost control and the reinforcement of its strong market positions, allied to the defensive nature of its largest served market, give the board confidence that the company will continue to trade in line with expectations," said the group.