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EX ESSENTRA STRATEGIC UPDATE AND Q3 2021 TRADING Released : 26/10/2021 07:00 RNS Number : 2011Q Essentra plc 26 October 2021 THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE UK VERSION OF THE MARKET ABUSE REGULATION ( EU NO . 596/2014 ) WHICH FORMS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN UNION ( WITHDRAWAL ) ACT 2018 . ESSENTRA PLC A leading global provider of essential components and solutions STRATEGIC GOAL TO BECOME A PURE PLAY COMPONENTS BUSINESS AND Q3 2021 TRADING UPDATE Summary The Board has concluded that , in order to maximise shareholder value and the growth potential of its three businesses , Essentra should become a pure play global Components business over time • As a first step the Board is reviewing the full range of strategic options for the Filters business Overall , a robust Q3 2021 performance , revenue increased 5.1 % on a like - for - like ( LFL ) basis • Components - LFL day adjusted revenue growth of 28.5 % in Q3 2021 , 14.2 % above Q3 2019 • Packaging - LFL revenue declined 6.1 % due to delays in the recovery of elective surgeries and prescription levels Filters - Revenue growth of 2.8 % in Q3 2021 against a tough comparative The Company is expecting to deliver FY21 adjusted operating profit in the range of analysts ' forecasts¹ Essentra plc ( ' the Company ' or ' the Group ' ) today announces the strategic goal to become a pure play Components business and its Q3 2021 trading update . Strategic Update Over the last few years , Essentra has simplified its portfolio into three global businesses , each with leading market positions and a clear purpose and strategy . These businesses all have strong prospects and the potential to deliver compelling returns for investors , but are at different stages of their development and have limited synergies . The Board has therefore concluded that , in order to maximise shareholder value and the potential of each of its businesses , Essentra should become a pure play global Components business over time . This will enable strategic focus and an acceleration of organic and inorganic growth . As a first step to realising this goal , the Board has decided to review the full range of strategic options for the Filters business . It is anticipated that the strategic review is likely to conclude in Q2 2022 at the earliest . In the meantime , the Filters division will continue to receive full support from the Group and focus on sustaining its strong performance . The Filters division has made significant progress over the last four years on the delivery of all strategic " game changers " and now has attractive long - term growth prospects . Trading performance Overall , the Group had a robust start to the second half of the year , with Q3 2021 Group trading within the range of expectations . The Company delivered LFL revenue growth of 5.1 % for the period ( -2.2 % LFL vs. Q3 2019 ) thanks to the strong performance in Components and Filters , despite ongoing global supply chain disruptions . The Components division had a very strong performance in Q3 2021 , with LFL revenue growth of c.28.5 % compared to Q3 2020 after adjusting for two less trading days ( + 14.2 % vs. Q3 2019 on a LFL day adjusted basis ) . This growth comes amid supply chain challenges and inflationary input cost pressures . Price increases implemented during the quarter have partially mitigated these cost pressures , with further benefit expected in Q4 . Integration of the recently completed acquisition of Jiangxi Hengzhu Electrical Cabinet Lock Co. , Ltd is on track and we continue to improve our market leading digital platform for customers , as well as the roll out of our ERP system . We expect the strong year on year growth to continue in Q4 , albeit against tougher comparatives . The Packaging division's revenue declined 6.1 % on a LFL basis in Q3 2021 ( reported growth of + 3.6 % , LFL decline of 15.2 % vs.