INTERIM MANAGEMENT STATEMENT

RNS Number : 6401O

Filtrona plc

15 October 2012

 



15 October 2012

FILTRONA PLC

("Filtrona" or "the Company")

 A leading international supplier of speciality plastic, fibre and foam products

INTERIM MANAGEMENT STATEMENT FOR THE PERIOD FROM 1^st JULY 2012

CONTINUED STRONG MOMENTUM IN Q3

ON TRACK TO DELIVER TARGETED BALANCED GROWTH IN FY 2012

Company Financial Performance

During the third quarter¹ of 2012, the Company's overall performance was in line with the Board's expectations.  Revenue was ahead +26% versus Q3 2011 ("comparable period"²) at constant FX and +23% at actual rates: like-for-like ("LFL"³) growth was +10%.

Divisional Overview

Revenue versus comparable period	Q3 2012		Year-to-date 20124
	% change Actual FX	% change Constant FX	% change Actual FX	% change Constant FX
Protection & Finishing Products	+40	+41	+52	+54
-      LFL		+4		+10
Porous Technologies5	+23	+24	+8	+8
-      LFL		+6		+4
Coated & Security Products	+17	+19	+15	+16
-      LFL		+8		+8
Filter Products	+13	+18	+9	+13
Other6	-7	-	-12	-5
Total Company	+23	+26	+22	+25
-      LFL		+10		+9

¹ Period from 1 July 2012 to 29 September 2012

² Period from 1 July 2011 to 2 October 2011

³ Adjusted to exclude the impact of acquisitions, disposals and foreign exchange

⁴ Period from 1 January 2012 to 29 September 2012

⁵ Includes intercompany revenue

⁶ Other relates to the plastic extrusion business of Enitor

Growth in Protection & Finishing Products came largely from Component Distribution, and was further boosted by the acquisitions of Reid Supply Company and Richco, Inc.  The increase in Porous Technologies was driven by Healthcare, with each of the fibre, foam and porous plastics technologies progressing well, while the growth in Coated & Security Products was led by Packaging Solutions to the tobacco industry and a number of high profile identification contracts.  Underlying volumes, a significant positive mix effect from special filters and successful product innovations all contributed to the result in Filter Products, with an improved performance at Enitor coming from a number of end-markets.

There has been no material change in the financial position of the Company during the period.

Commenting on today's Interim Management Statement, Colin Day, Chief Executive, said:

"With Q3 revenue ahead 10% on a like-for-like basis and 26% at constant exchange, Filtrona both maintained its positive organic growth trend and continued to progress well with the integration of recent acquisitions.   

As a result of this continued strong momentum, the Company is on track to deliver its targeted balanced growth in 2012 and to continue to make progress towards its Vision 2015 objectives of at least mid single-digit like-for-like revenue growth and double-digit adjusted EPS growth at constant exchange." 

The Company will hold a conference call to discuss this Interim Management Statement at 08:30 (UK time) today, details of which are as follows:

Dial-in number:	[phone] (UK / international participants)
	[phone] (US participants)
Toll-free number:	0800 279 5004 (UK participants)
	[phone] (US participants)
PIN code:	4676309
Replay number:	[phone] (UK / international participants)
	[phone] (US participants)
Replay access code:	4676309
Replay available:	For 7 days

Enquiries

Filtrona plc Joanna Speed, Corporate Affairs Director Tel: [phone]

Buchanan Richard Oldworth Jeremy Garcia Tel: [phone]

Notes to Editors

About Filtrona plc

Filtrona plc ("Filtrona" or "the Company") is a FTSE 250 company and a leading international supplier of speciality plastic, fibre and foam products.  Through its four principal operating divisions, Filtrona focuses on the light manufacture and distribution of high volume, essential components which serve customers in a wide variety of end-markets and geographies.

Protection & Finishing Products

A global market leading supplier of protection and finishing products, manufacturing and distributing plastic injection moulded, vinyl dip moulded, and metal items as well as pressure sensitive tapes. The division has 60 operating units in 21 countries serving a very broad industrial base of customers with a rapid supply of primarily plastic products for protection and finishing applications in industries such as hydraulics, pneumatics, oil and gas, electrical controls, point of purchase and tubular metal products.

Porous Technologies

A global market leading developer and manufacturer of custom fluid handling components, engineered from a portfolio of technologies that includes bonded fibre, polyurethane foam, and porous plastic.  Representing leading innovations used in healthcare, consumer and industrial applications, its enabling components are found in a wide range of products from medical diagnostics tests to advanced wound care pads, inkjet printer cartridges, writing instruments and air fresheners.  Customers in over 56 countries are served from six manufacturing facilities with research and development centres supporting the division globally.

Coated & Security Products

The global market leading producer of high quality self-adhesive tear tape and a growing supplier of labels, products and technologies for the consumer packaging, identity and valuable documents markets. Customers in over 100 countries are served from facilities operating in six countries.

Filter Products

The only global independent cigarette filter supplier.  The nine worldwide locations, including a UK-based research facility and three regional development centres provide a flexible infrastructure strategically positioned to serve the tobacco industry.  The division supplies a wide range of value adding high quality innovative filters, packaging solutions to the roll your own sector and analytical laboratory services for ingredient measurement for the industry. Other Enitor BV is a leading custom profile extruder located in The Netherlands and offers a complete design and production service.  One of the first companies to extrude plastics in 1956, Enitor is now one of Europe's most advanced suppliers of co-extrusions and tri-extrusions to all branches of industry. Headquartered in the United Kingdom, Filtrona's global network extends to 29 countries and includes c. 4,100 employees, 34 principal manufacturing facilities, 63 sales & distribution operations and 5 research & development centres. The Company's strategy - called Vision 2015 - seeks to maximise shareholder value through the delivery of balanced profitable growth in both its existing and future opportunity markets and technologies, with the objective of delivering at least mid single-digit like-for-like revenue growth and double-digit adjusted EPS growth at constant exchange.  The strategy also calls for strong conversion of profit into cash and a progressive dividend policy.  The Company looks to complement this balanced organic growth with value-adding acquisitions. For further information, please visit www.filtrona.com

 

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