Essentra falls as sales struggle

FTSE plastics supplier Essentra (LON:ESNT) has seen its share price drop by 5.44% to 400p (as of 13:40 BST) as like-for-like revenues dropped by 2.9% during the third quarter. Management said that underlying revenue was broadly flat despite short-term Brexit factors and a challenging macroeconomic environment.

CEO Paul Forman commented: “We remain focused on delivering the strategies for each of the three divisions, whilst proactively taking cost action to offset the impact of a softer macroeconomic environment. Accordingly, our expectation for FY 2019 remains unchanged. I am pleased with the progress made in one of the potential Filters ‘game changers’, along with the benefits of a simpler operating and reporting structure across the whole organisation“.