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Essentra expects continued revenue progress in final three months of the year

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Essentra PLC (LON:ESNT) said it expects a continued revenue progress in the final three months of the year, barring a material disruption from a second wave of coronavirus (COVID-19).

The FTSE 250 filters producer kept full-year its expectations unchanged.

READ: Essentra is faring better than feared – Jefferies

In the quarter to September 30, 2020, the group saw revenue decline by 7%, with components down 20%, packaging down 8% and filters up 2%.

The company said its components and filters segments continued the improving trends seen in the second quarter, while the packaging division had a weaker period due to a reduction in elective surgeries and prescription levels, though the pharmaceutical and beauty markets are starting to slowly recover.

“We see Essentra as well positioned following the acquisition and fundraising and the shares look excellent value given the recovery prospects and potential for further M&A,” analysts at house broker Peel Hunt commented.

Shares rose 1% to 266.6p on Friday morning.

–Adds analyst comment, shares–

FTSE 100 rocks on despite UK services and manufacturing activity sliding in October

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