The Essentra Plc Board of Directors has declared a 2023 interim dividend of 1.2 pence per share. The interim dividend is in line with the Board's commitment to a progressive dividend policy maintaining dividend cover in the order of three times earnings. The interim dividend has been calculated on the earnings of the continuing operations of the business (2022 interim dividend of 2.3 pence per share was calculated on the Group earnings, which includes the earnings that are now reported as discontinued operations).
The interim dividend will be paid on 27 October 2023 to shareholders on the share register at the record date, being 22 September 2023. The ex-dividend date will be 21 September 2023. Essentra operates a Dividend Re-Investment Programme ("DRIP"), details of which are available from the Company's Registrars, Computershare Investor Services PLC. The final date for DRIP elections will be 6 October 2023.
Other financial highlights include:
H1 2023 performance in line with expectations
Revenue decline of 5.5% to £166.3m (H1 20222: £175.9m)
Adjusted operating profit increase to £23.0m (H1 20222: £15.1m)
Pro-active and disciplined management of costs
Strong pricing maintained, offsetting inflation
Wixroyd integration on track, unlocking new cross-sell opportunities across Europe
Central corporate costs resized as Essentra transitions to a pure-play business. Remain on track to deliver the previously guided run rate of c.£13m
