Essentra, a FTSE 250 supplier of plastic and fibre products, said on Thursday that trading in the financial year-to-date has been in line with the board's expectations, as it announced the departure of its group finance director.
The company saw like-for-like revenue growth of around 2% in the period. Growth in the components business was driven by all geographic regions, with a stable result in filters reflecting a continued good performance in China and ongoing pipeline development of innovative new products.
Meanwhile, the rate of decline in the packaging business continued to moderate as it benefited from the "significant" improvements in service and quality which were progressively established over the course of the previous year.
Essentra said a modest increase in specialist components was boosted by the industrial supply, extrusion and pipe protection technologies businesses, although the rate of improvement there has dropped significantly compared to the first quarter of 2017.
"The components business is expected to continue to generate strong, broad-based growth, with both the filters and specialist components divisions maintaining a broadly stable result. In packaging, improving year-on-year trends continue to be anticipated, having increasingly stabilised the business and addressed certain one-time factors in 2017," the company said.
As a result, it confirmed its expectation of a return to like-for-like revenue growth and margin expansion in FY2018.
The group also said in a separate statement that its group finance director, Stefan Schellinger, will leave the business later year "to pursue his career outside Essentra" in what was said to have been a mutual decision.
Chairman Paul Lester said: "Stefan has been a member of the board since 2015, and his knowledge and commitment have proved very valuable through what was a period of challenge in 2016. He has played an important role in stabilising the company in 2017, and in developing the clear strategy we now have. As he looks to further develop his career, we wish him well in the future."