February 17, 2017 / 7:52 AM / 3 years ago

Essentra FY profit falls 26 pct on integration woes at biggest unit

Feb 17 (Reuters) - Essentra Plc, a supplier of speciality plastic and packaging components, said full-year profit fell 26 percent on flagging sales at its health and personal care packaging unit, due to integration issues from an acquisition completed in 2015.

The company, which was formed after being demerged from Bunzl Plc in June 2005, said full-year pretax profit fell to 119 million pounds ($148.62 million) from 161 million pounds a year earlier.

The health and personal care packaging unit, which bought the specialist packaging division of Clondalkin Group, is the company’s biggest and accounts up for about 40 percent of total revenue. Operating profit at the unit fell 44 percent.

“In particular, the integration issues primarily relating to the Clondalkin acquisition in Health & Personal Care Packaging... not only resulted in additional cost but also in an accelerating decline in the underlying trading position at the impacted sites,” the company said in a statement on Friday. ($1 = 0.8007 pounds) (Reporting by Vidya L Nathan in Bengaluru; Editing by Sunil Nair)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below