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FTSE 250 plastics producer Essentra (LON:ESNT) saw its share price decline 6.22% to 238.40p (as of 12:40 GMT) as it announced a number of cost cutting measures including hiring and overtime freezes, marketing spend reductions, and the cancellation of dividends. Management said that they were also exploring government support programmes where available, including the Bank of England’s Covid Corporate Financing Facility.
The company said it was too early to give clear indications on performance for the current year, but that they would continue to pursue medium to long term growth despite the current disruption.