Essentra Plc announced a final ordinary dividend of 2.4p per share, resulting in a 9% increase in total dividend for FY 2023 to 3.6p (2022: 1.0p final; 3.3p total). The full-year 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 final dividend will be paid on 5 July 2024 to shareholders on the share register at the record date, 17 May 2024. The ex-dividend date will be 16 May 2024. 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 14 June 2024.
Other financial highlights include:
FY 2023 adjusted operating profit in line with expectations
Revenue of £316.3m (2022: £337.9m); 4.4% decline at constant currency
Adjusted operating profit increased to £43.2m (2022: £25.1m)
Adjusted operating margin expansion to 13.7% (2022: 7.4%)
Strong pricing sustained, offsetting inflation
Pro-active approach to cost management across the Group
Strategically aligned bolt-on acquisition of BMP TAPPI, completed in October 2023, demonstrating continued momentum of Essentra's inorganic strategy
