Filtrona's first quarter beats expectations

Filtrona said its first quarter performance was ahead of expectations as the plastics and fibre company's revenues rose 12 per cent on the previous year.

The group's revenues for the first three months of the year were driven by a 22% growth in filter products and a 24% rise in porous technologies.

This offset flat results in the component and protection solutions division which increased by 1.0%.

Results of the division were affected by a strong prior year for pipe protection technologies business MSI, where growth is expected to be weighted towards the second half of the year.

In March, Filtrona agreed to acquire Contego Healthcare for £160m on a cash free, debt free basis. At the same time the group raised £142.7m through the placement of just over 21m new ordinary shares.

"With like-for-like growth of 9.0%, and total revenue ahead 12% at constant exchange, Filtrona saw continued strong momentum in the first quarter," said Chief Executive Colin Day.

"The company also made further good progress with the integration of recent transactions, and is due to complete the acquisition of Contego at end-April as expected."

RD