Pre-close trading update

RNS Number : 6160U

Porvair PLC

04 December 2013

 

For immediate release                                                                     4 December 2013

Pre-close trading update

Porvair ("Porvair" or "the Group"), the specialist filtration and environmental technologies group, makes the following announcement regarding trading for the year ended 30 November 2013 ahead of its close period.

Porvair has traded well throughout the year and the Board expects to report full year results ahead of expectations.  Revenues for the full year, at constant exchange rates, are 10% higher than the prior year.   

Revenues in the Microfiltration division are 16% ahead of the prior year helped by significant activity on the POSCO, Reliance Industries and UK Government contracts.  Seal Analytical has also traded well.  Thomas Cain, acquired in September 2013, is trading as expected and has made a positive contribution to Seal's performance.

Trading in the Metals Filtration division improved in the second half, after a quieter first half, and revenues for the full year are in line with the prior year.  The new plant in Xiaogan, China, has been completed on time and budget and production from the plant has begun.

£3m has been spent on acquisitions in the year but strong operating cash flows have reduced net borrowings in the year by £4m to leave the Group with a small net cash surplus.

Porvair will announce its preliminary results for the year ended 30 November 2013 on Monday 27 January 2014.

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 / Helen Greenwood/ Clare Akhurst

Notes to editors

Porvair plc

Porvair is a group of specialist filtration and environmental technology businesses.  Its products are used in a range of niche filtration markets, and are derived from its expertise in the design and manufacture of filtration systems using ceramic, metal, plastic and carbon media.  Its Seal Analytical business is a market leader in the manufacture of laboratory based water analysis equipment.

 

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