Essentra revenues slide in April amid Covid-19 pandemic

Components manufacturer Essentra reported a marked decline in sales during April in the wake of the Covid-19 pandemic.

Essentra said on Thursday that group like-for-like revenues were down 17% year-on-year in April, while its components division saw an accelerated slowdown in customer demand, particularly in Europe and the US, of 24% on the same period a year earlier.

The FTSE 250-listed firm cautioned that its May performance was in line or just marginally ahead of the performance seen in the prior month.

For the first quarter as a whole, like-for-like revenues declined 7%, amid 5% declines at both its components and packaging wings.

"The current expectation for May, subject to further adverse pandemic developments, is at least in line with the April performance", Essentra said.

"Nonetheless, the company also recognises that there is a risk of a second wave to the pandemic, which could adversely impact trading beyond Q2."

As of 0845 BST, Essentra shares were down 3.08% at 271p.