ESSENTRA PLC, a leading global provider of essential components and solutions, has released its pre-close trading update for the thirteen weeks ended 31 December 2023. The company expects to deliver adjusted operating profit for the full year in line with previous guidance, demonstrating operational and financial resilience. In Q4, the Group saw a sequential improvement in performance compared to the previous quarter, with a -3.6% decline in group revenue on a like-for-like and trading day adjusted basis. The EMEA region experienced an improvement in new order momentum, while the AMERS region saw trading stability quarter on quarter. The APAC business has continued to demonstrate a gradual recovery.
The BMP TAPPI acquisition, completed on 26 October 2023, is performing in line with management expectations, with early integration plans on track. The company's balance sheet and cash generation remain strong, providing optionality for investment in organic growth initiatives and earnings enhancing M&A. Essentra is well positioned to continue to progress towards its medium-term targets, with confidence in delivering progress through operational leverage, acquisition synergies, and cost actions taken by management in 2023.
Scott Fawcett, Chief Executive Officer, expressed satisfaction with Essentra's performance, stating, "We are on track to deliver adjusted operating profit in line with previously shared guidance, and continue to progress towards our medium-term targets." The company will release its preliminary results for the twelve months ended 31 December 2023 on 19 March 2024.
Essentra plc is a FTSE 250 company with a global network extending to 28 countries worldwide, serving approximately 74,000 customers with a rapid supply of low-cost but essential products for various applications in industries such as equipment manufacturing, automotive, fabrication, electronics, medical, and renewable energy.