Interim Management Statement

RNS Number : 6367A

Porvair PLC

13 October 2009

 



For immediate release                                                                                 13 October 2009

Porvair plc ("Porvair" or "The Group")

Interim Management Statement for the period from the interim results (24 June 2009) to 9 October 2009 ("the period")

Porvair, the specialist filtration and environmental technology group, today issues an Interim Management Statement.

The Group has been profitable and cash generative in the period, in line with management expectations.  Sales levels have been relatively stable since the second quarter during which time the benefits of restructuring US operations and tight operational control have been apparent.  The contribution from new products continues to grow, helping both sales and margins.

The Microfiltration division, which serves aviation, energy, clean water and industrial markets, is trading as expected.  Several larger contracts, notably for new nuclear remediation installations, have been shipped in the period, with spares and consumable products to follow next year. These have contributed to robust recent trading.  For the year as a whole, before the impact of 2008's acquisitions, like-for-like sales levels are around 7% lower than the prior year, a resilient performance in challenging circumstances.  Seal Analytical, acquired in 2008, is growing in line with management expectations.  The Microfiltration division's order book for the remainder of the year and into 2010 is satisfactory.

As previously reported, Selee Corp., the largest part of the Metals Filtration division, underwent a severe restructuring programme early in the year in response to sharply falling markets.  Since the second quarter Selee's trading has been stable and has generated modest profits and cash in the period.  Sales per day have improved around 10% from the lows seen earlier in 2009 and are less volatile.  80% of current aluminium cast shop customers have now converted to the new aluminium filter and accounts which today use competitive products are starting to undertake trials.  Sales of the new iron foundry filter will begin this month.  These products will accelerate the division's recovery when general demand improves further. 

The Group will make a further update on trading in early December ahead of the announcement of its preliminary results on 26 January 2010.

For more information, contact:

Porvair plc
Ben Stocks, Chief Executive	01553 765 500
Chris Tyler, Group Finance Director	01553 765 500
Buchanan Communications	0207 466 5000
Charles Ryland / Catherine Breen

Notes to editors

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 development and manufacture of porous and microporous ceramics, metals, plastics and carbons.

 

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