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.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
TSTPPUBUBUPUGRG

Companies

Porvair (PRV)
UK 100

Latest directors dealings