AGM / Interim Management Statement
FOR IMMEDIATE RELEASE 5 April 2011
AGM Statement and Interim Management Statement
Porvair plc ("Porvair"), the specialist filtration and environmental technology group will today, 5 April 2011, make the following Interim Management Statement at its Annual General Meeting:
Porvair has made a good start to the 2011 financial year. In the four months to 31 March 2011, revenues are around 8% higher and profit before tax is ahead of management's expectations and well ahead of the same period in the prior year. Net borrowings have reduced by £4.6m (31%) compared with the equivalent time last year. Order books have strengthened throughout the year to date.
In the Metals Filtration division sales revenues were 14% higher than the same period in the prior year. The steady recovery in the Metals Filtration business seen throughout 2010 has continued in the first four months of 2011. Aluminium customers are now fully converted to the higher margin patented Selee CS-X™ filter and market share gains are being made steadily. Conversion of customers to the Selee IC™ iron foundry filter is progressing in line with plan and the resultant improvement in margin is already evident. Sales of filters for the super-alloy market are well ahead of the prior year.
In the Microfiltration division sales revenues were 4% ahead of the same period in the prior year. A recovery in the aerospace schedules and a strong industrial filtration performance has offset a slower start from Seal Analytical. Seal Analytical has a good project pipeline and its performance is expected to improve in the coming months. The launch of its new continuous flow analyser, the AA1, in March strengthens its product offering. The Microfiltration order book is strong, particularly in aerospace. Following on from the nuclear order announced in February, March saw over £2m more orders for energy and nuclear projects much of which will be delivered in the second half of the year.
The Company will be announcing its interim results for the six months ending 31 May 2011 on Tuesday 28 June 2011.
For further information, please contact:
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Porvair plc |
01553 765 500 |
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Ben Stocks, Chief Executive |
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Chris Tyler, Group Finance Director |
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Buchanan Communications |
0207 466 5000 |
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Charles Ryland / Helen Chan |
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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.
This information is provided by RNS
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