AGM Trading Update

RNS Number : 9522V

Porvair PLC

20 April 2021

 

FOR IMMEDIATE RELEASE  20 April 2021

  Porvair plc

AGM Trading Update

Porvair plc ("Porvair" or "the Group"), the specialist filtration and environmental technology group, will make the following trading update today at its Annual General Meeting:

In the four months ended 31 March 2021, the Group has performed better than management expected at the time of the preliminary results in February 2021, with revenue 6% lower (4% in constant currency) than the comparative period in the last financial year.

While aerospace activity remained subdued, other parts of the business started to see stronger demand.  Revenue in the first four months of this financial year was 12.5% ahead (at constant currency) of the final four months of the 2020 financial year.  Management is encouraged that adjusted operating profit for the first four months is in line with a strong 2020 comparator.

Looking ahead, the Aerospace & Industrial division is still suffering from lower aerospace demand, although recent order intake suggests that activity may pick up in the second half.  The Laboratory division has started the year strongly, helped by Covid-19 related activities. The Metal Melt Quality division is benefitting from a reduced cost base and an improving performance in China. Demand in the last few weeks has been stronger in the US.

The Group will announce its interim results for the six months ending 31 May 2021 on Monday 5 July 2021.

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 / Steph Watson

Notes to Editors:

Porvair is a group of specialist filtration, separation, laboratory and environmental technologies businesses.  Its products are used in a range of niche filtration and separation markets and are derived from its expertise in the design and manufacture of filtration and separation systems.  It is organised into three divisions: Aerospace & Industrial; Laboratory; and Metal Melt Quality.

 

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