Vital components manufacturer Essentra turned in a “strong” full-year trading performance on Friday, driven by accelerated growth in the final quarter of 2021.
Essentra said full-year revenues were up 7% year-on-year at £960.0m, while adjusted operating profits were 35% higher at £84.0m and pre-tax profits increased 45% to £67.0m. Adjusted earnings per share were up 38% at 18.2p.
The FTSE 250-listed also hiked its full-year dividend payment from 3.3p per share to 6.0p apiece.
On the other hand, Essentra said free cash flow fell from £67.0m to £37.0m, and net debt, including lease liabilities, expanded 12% to £235.0m.
Looking forward, Essentra said it had made “a strong start to the year”, with its sales and order book ahead of the same time in 2021 despite a “challenging” external environment due to global supply chain disruptions and the continued impact of cost inflation.
Chief executive Paul Forman said: “Despite the challenges arising from the pandemic and supply chain headwinds, we have seen an improving revenue trend throughout the year, which has continued into the start of 2022 with all three global divisions well-positioned for growth with strong order books.”
