Essentra saw its share price increase 0.7% in early morning trading on Friday after the company reported an adjusted operating profit increase of 46.5% to £83.9 million.
The essential components and solutions provider posted a revenue of £960 million compared to £897 million in 2020.
Essentra also reported a revenue increase of 8.4% on a like-for-like basis.
The company announced a pre-tax profit of £67 million compared to £47 million in 2020 and an adjusted basic earnings per share of 18.2 against 13.2 in 2020.
Essentra noted a dividend per share of 6p against 3.3p in 2020.
The group attributed its strong financial year to its favourable market position and the ability to gain market shares.
Essentra noted a successful navigation of Covid-19 supply chain disruptions while meeting accelerated demand, which increased its operating profits.
Looking forward, the company reported strong customer relationships and encouraging order book trends.
“2021 saw the start of a new and transformational chapter in Essentra’s journey; we have set out a clear direction for the Company to become a pure play Components business over time and announced strategic reviews of the Filters and Packaging divisions, thereby ensuring we create three strong stand-alone global businesses,” said Essentra CEO Paul Forman.
“I believe this next chapter will present even more positive opportunities for our businesses and our people.”
“Despite the challenges arising from the pandemic and supply chain headwinds, we have seen an improving revenue trend throughout the year, which has continued into the start of 2022 with all three global divisions well-positioned for growth with strong order books.”