Manufacturing firm Essentra’s revenue up after pandemic and ‘supply chain headwind’
Plastics and fibre manufacturer Essentra experienced a a spike in revenue in 2021, as it continues to weather the storm of supply chain problems impacted by the Ukraine war.
The FTSE 250-listed company had an increase in overall revenue to £960m, up from £897m in 2020, representing a seven per sent rise.
Its pre-tax profit was back in the black at £33m, up from a £4m loss during the peak of the pandemic, driven by growth in its its filters and components divisions, where sales grew 13 per cent and revenue was up almost 22 per cent respectively.
“Despite the challenges arising from the pandemic and supply chain headwinds, we have seen an improving revenue trend throughout the year”, said its chief executive Paul Forman.
Adding that it “has no significant operations or employees in Ukraine or Russia and our sales to these markets are de minimis in the context of the Group. All sales to Russia have been suspended and will continue to be suspended until further notice.
Sales to Russia and Ukraine make up around two per cent of its revenue, with the firm making a £100k donation to the Disasters Emergency Committee appeal for the crisis.
The company also increased the use of post-consumer recycled content to eight-and-a-half per cent, up from two per cent in 2020, and reduced its emissions to 18.4 percent below its 2019 baseline. Essentra said it had less landfill use and waste volume went down by almost 11 per cent in 2021.