Nine months trading update

RNS Number : 6461Z

Porvair PLC

22 September 2020

 

For immediate release                                                                                                 22 September 2020

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 2020.

Revenue for   the   nine-month   period   was   2.5%   lower   than   the same period in 2019   (2.2% at constant currency ¹ )   despite the Covid-19   landscape.   The Group remains profitable and cash generative. 

Order books   are   showing year-on-year   declines in the Aerospace   &   Industrial and Metal Melt   Quality   divisions, where costs have been cut commensurately.   Orders in the Laboratory division for the balance of 2020 and into 2021 are sharply higher.  

Investment continues   in skills, manufacturing capability, margin enhancement and new product development projects that will strengthen the Group as business activity improves.

At 31 August 2020, the Group had £0.4 million (31 August 2019: £0.1 million) of net cash², after investing £3.6 million in acquisition payments and capital expenditure in the period and paying £2.3 million in dividends to shareholders in June and August 2020.

Note (1)  Constant currency revenue: Revenue arising if overseas subsidiaries results had been translated at constant exchange rates in 2019 and 2020.

Note (2)  net cash excludes £14.0 million of lease obligations.

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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