Interim Management Statement

RNS Number : 1351N

Porvair PLC

26 September 2012

 



FOR IMMEDIATE RELEASE

26 September 2012

Interim Management Statement

Porvair plc ("Porvair"), the specialist filtration and environmental technology group today, 26 September 2012, makes the following Interim Management Statement.

Porvair continues to trade well.  In the nine months to 31 August 2012, at constant exchange rates, revenue was 12% higher than in the first nine months of 2011 ("the prior period") and profit before tax was well ahead.  Management expects profitability for the full year to be ahead of current market expectations.  

In the Metals Filtration division sales revenue was 13% ahead of the prior period.  Market share gains continue to be made by the newer products and profitability continues to improve. Reported rates of growth are expected to reduce in the second half as much stronger comparatives take effect.

In the Microfiltration division sales revenue was 12% ahead of the prior period.  Revenue from new aerospace programmes and the beneficial impact on Seal of the acquisitions completed earlier in the year has driven revenue well ahead of the prior period.  Other parts of the Microfiltration division continue to perform in line with expectations.  It is now expected that the first revenue under the POSCO contract will be recognised in the final quarter of the financial year.  The pipeline of further potential major contracts continues to be promising.

Net debt continues to be significantly lower than the prior period.

For further information, please contact:

Porvair plc	01553 765 500
Ben Stocks, Chief Executive
Chris Tyler, Group Finance Director
Buchanan	0207 466 5000
Charles Ryland / Clare Akhurst

Notes to Editors

Porvair is a group of specialist filtration and environmental technology businesses.  Its businesses design and manufacture a range of bespoke consumable filtration products that are used in a range of niche filtration markets.  Its principal markets are aviation, energy and industrial process, environmental laboratories and non-ferrous metals.

 

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