Nine months trading update

RNS Number : 6643M

Porvair PLC

18 September 2019

 

For immediate release                                                                                                        18 September 2019

Porvair plc

("Porvair" or the "Group")

Nine months trading update

Porvair, the specialist filtration and environmental technologies group, today issues a trading update for the nine months ended 31 August 2019.

Porvair has continued to make good progress in the nine month period, achieving revenue growth of 15%.  Constant currency revenue⁽¹⁾ was 11% ahead of the prior nine month period.  Profit before tax was in line with management's expectations.

Order books are healthy with order intake strong in the third quarter, notably in Aerospace & Industrial. 

At 31 August 2019 the Group had £0.1 million of net cash (31 August 2018: borrowings of £2 million) after investing £6.2 million in acquisitions and capital expenditure in the nine month period. In the third quarter of 2019 the Group made its final earnout payment of £2.4 million for the acquisition of JG Finneran. Additionally, Dahlman Industrial Group B.V. was acquired on 4 September for €7.75 million in cash. 

Note (1)   Constant currency revenue: Revenue arising if overseas subsidiaries results had been translated at constant exchange rates in 2018 and 2019

For more information, contact:

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

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.  It operates in three divisions: Aerospace & Industrial; Laboratory; and Metal Melt Quality.

 

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