Interim Management Statement

RNS Number : 7397R

Porvair PLC

16 September 2014

 



FOR IMMEDIATE RELEASE                                                                  16 September 2014

Porvair PLC

Interim Management Statement

Porvair plc ("Porvair"), the specialist filtration and environmental technology group today, 16 September 2014, makes the following Interim Management Statement.

Porvair continued to trade well.  In the nine months to 31 August 2014, at constant exchange rates, revenue was 32% higher than in the first nine months of 2013. Profit before tax, in line with management's expectation, was well ahead of the prior period.  

Revenues in the Microfiltration division were 40% ahead of the prior year.  Manufacturing activity on the large POSCO, Reliance Industries and UK Government contracts contributed £17m to revenue during the period.  Underlying growth, excluding the one off impact of the large projects listed above, was 9%.  Aerospace revenue continued to grow steadily and Seal Analytical traded well throughout the period.  Order books for the final quarter are healthy. 

Metals Filtration division performed well and revenue, in constant currency, was 15% ahead of the prior year.  Market share gains continue to be made, particularly in iron foundry filtration.  The new plant in Wuhan, China, is performing as expected and revenue from aluminium filtration in China has been strong.

£3.9m has been invested during the period in new facilities and additional plant to increase capacity.  The new facility in New Milton is on schedule to open around the end of the calendar year and construction has commenced on a plant extension in Caribou.  Net debt of £0.3m is significantly lower than at the same time last year.

For further information, please contact:

Porvair plc	01553 765 500
Ben Stocks, Chief Executive
Chris Tyler, Group Finance Director
Buchanan Communications	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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