Essentra plc released its half-year results for the period ending June 30, 2024. The company reported a revenue of £159.7 million, a 1.5% growth on a constant currency basis, and a 4.0% decline on a reported basis. The adjusted operating profit was £21.8 million, representing a 7.6% growth on a constant currency basis, with adjusted operating margins of 13.7%. The companys gross margin expanded to 46.4%, and it generated an adjusted operating cash flow of £17.5 million. Essentra plcs net debt was £59.7 million, and it maintained a progressive interim ordinary dividend of 1.25p per share. The companys outlook remains unchanged, and it expects further modest improvements in volumes in the second half of the year.
| Financials and Debt | H1 2024 (£m) | H1 2023 (£m) | Change Constant FX | Change Actual FX |
|---|---|---|---|---|
| Revenue | 159.7 | 166.3 | +1.5% | (4.0)% |
| Adjusted Operating Profit | 21.8 | 23.0 | +7.6% | (5.2)% |
| Adjusted Operating Margin | 13.7% | 13.8% | +80bps | (10)bps |
| Net Financing Costs | (4.1) | - | - | - |
| Adjusted Pre-tax Profit | 17.7 | 23.0 | (14.0)% | (23.0)% |
| Adjusted Basic Earnings Per Share | 4.6p | 5.9p | (13.3)% | (22.0)% |
| Adjusted Net Cash Flow from Operating Activities | 17.5 | 20.5 | (2.8)% | (14.6)% |
| Reported Operating Profit | 8.1 | 10.3 | +4.2% | (21.4)% |
| Reported Pre-tax Profit | 4.0 | 10.3 | (50.7)% | (61.2)% |
| Reported Net Profit | 2.5 | 7.7 | (54.7)% | (67.5)% |
| Reported Profit Per Share | 0.9p | 2.6p | - | (65.4)% |
| Dividend Per Share | 1.25p | 1.20p | - | +4.2% |
| Reported Net Cash Inflow from Operating Activities | 14.5 | 8.9 | - | 62.9% |
| Free Cash Flow | 12.5 | 15.3 | - | (18.3)% |
| Net Debt/ (Funding Surplus) | 59.7 | (12.9) | - | - |
| Net Debt/ (Funding Surplus) to Adjusted EBITDA | 1.1x | (0.3)x | - | - |