StockMarketWire.com - Essentra said half-yearly profits rose 9.6% thanks to higher revenue as the company reported 'significant' progress in streamlining its business.

Adjusted operating profit up 9.6% to £48.3m as like-for-like revenue rose 1.3% at constant currency.

'We have also made significant progress in simplifying the Essentra Group, with the sale of Pipe Protection Technologies, Extrusion, Speciality Tapes and Card Solutions in the year to date.,' the company said.

'Further to these disposals, we will absorb Tear Tapes and Industrial Supply into the Filters and Components divisions respectively which - given the complementary end-markets served - will not only provide each of these two businesses with a strong platform for future successful growth, but also allow us to dissolve the Specialist Components division. '

The company expected its specialist components division to be dissolved by the end of Q3 2019.

The half-year dividend was unchanged at 6.3p per share.

The company maintained its outlook for the full year, with further financial, operational and portfolio progress expected in the second half of the year.


At 8:49am: [LON:ESNT] Essentra share price was -3p at 418.4p



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