AGM/Interim Management Statem

RNS Number : 0520K

Porvair PLC

13 April 2010

 



FOR IMMEDIATE RELEASE                                                                             

13 April 2010

Porvair plc

AGM Statement and Interim Management Statement

Porvair plc ("Porvair"), the specialist filtration and environmental technology group will today, 13 April 2010, make the following Interim Management Statement at its Annual General Meeting:

Porvair has made an encouraging start to the 2010 financial year.  In the four months to 31 March 2010, profit before tax is well ahead of the prior year.  Current net borrowings are £3.3m lower than the equivalent time last year.  At constant exchange rates, revenues are around 5% higher than the prior period, with recovery or continued growth in most markets offset by expected modest declines in aerospace filtration sales.

In the Metals Filtration division sales revenues are 13% higher than the prior period.  This business has a lower cost base following its 2009 restructuring and as a result profitability is better.  It should be noted that whilst levels of demand in 2010 have improved, they remain below those of 2004-2008 and management continue to look at projects that will boost the underlying performance of this division.  Key to this will be the sustained success of new products, which continue to go well.  85% of the division's aluminium customers have now converted to the patented Selee CS-X™ filter.  Upgrades have been introduced in recent weeks that further enhance this market leading product in the aluminium industry.  In the iron foundry industry, a similarly exciting new product, the patented Selee IC™ filter, has now been adopted by several leading automotive and agricultural machinery manufacturers in the US.

In the Microfiltration division sales revenues are slightly ahead of the prior year.  Seal Analytical has made a strong start with improved sales in the US and Europe and continuing strength in Asia helped by the introduction of the Seal Analytical AQ1™ water analyser in February 2010.  The division is seeing satisfactory levels of demand in energy and nuclear filtration where several larger orders are scheduled for delivery later in the year.  Growth in this division's US industrial filtration business has been robust.  This is offset by a decline in aerospace schedules compared with a strong opening quarter of the prior year.  Aerospace sales in 2010 are at similar levels to the second half of 2009 with run rates and order schedules showing modest improvements over the last three months.

The Company will be announcing its interim results for the six months ending 31 May 2010 on Tuesday 29 June 2010.

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 / Catherine Breen

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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