Growth trend maintained at Filtrona

published 15 October 2012

Foam products supplier Filtrona was firing on all cylinders in the third quarter with like-for-like sales up by one-tenth year-on-year.

Group revenue was up 23% on the third quarter of last year, or 26% on a constant currency (CC) basis. In the first nine months of the year group revenue was up 22% year-on-year, or 25% on a CC basis, while like-for-like (LFL) sales were up 9% on a CC basis.

The Protection & Finishing Products division was the star performer in the third quarter, growing revenues 40% (CC: 41%), while LFL sales were up 4% year-on-year on a CC basis.

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Growth came largely from Component Distribution, and was further boosted by the acquisitions of Reid Supply Company and Richco, Inc.

The Porous Technologies division saw revenue, including inter-divisional sales, jump 23% from the third quarter of 2011. On a CC basis, revenue was up 24%, or 6% on a LFL basis.

The improvement in this division was sparked by Healthcare, with each of the fibre, foam and porous plastics technologies progressing well.

The Coated & Security Products arm grew revenue by 17% year-on-year. On a CC basis turnover was up 19%, or 8% on LFL basis, with sales to the tobacco industry and a number of high profile identification contracts boosting the numbers.

On the Filter Products side, revenue was up 13% from a year earlier in the third quarter, while CC sales were up 18%.

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.

"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 [earnings per share] growth at constant exchange," declared Colin Day, Filtrona's Chief Executive.