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Components and solutions company Essentra said it was reviewing strategic options for its filters business amid plans to become a pure play components business.
As a first step of the plan, the filters business would undergo a full strategic review, and the company said the division may 'have the opportunity to maximise its potential under a different ownership or partnership structure,' the company said.
It was anticipated that the strategic review likely would conclude in Q2 2022 at the earliest.
The announcement was provided alongside third-quarter update, showing revenue increased 5.1% on a like-for-like basis.
The company has delivered a robust performance, whilst taking actions to mitigate the global supply chain disruptions and ongoing impacts from the global pandemic.
Looking ahead, the company said it was expecting to deliver a total FY21 adjusted operating profit in the range of analysts' forecasts.
Analyst operating profit forecasts for FY21 was in a range range of £80.7 million to £84.3 million.