Pre-close Trading Update and Acquisition

RNS Number : 7434Y

Porvair PLC

08 December 2017

 

For immediate release                                                                                  8 December 2017

Porvair PLC

Pre-close trading update and acquisition

Porvair plc ("Porvair", "the Group" or "the Company"), the specialist filtration and environmental technologies group, announces the following trading update and acquisition ahead of its close period for the year ended 30 November 2017.

Trading update

Revenue growth for the year ended 30 November 2017 was 6%.  Underlying revenue⁽¹⁾ growth was 11% overall, with underlying revenue growth of 13% in the Microfiltration division and 1% in the Metals Filtration division.  Earnings for the year are forecast to be ahead of management's expectations.

Net cash at the 30 November 2017 was £9.7 million (2016: £13.6 million), after capital and acquisition expenditure of approximately £11 million. Group order books for the start of the 2018 financial year are healthy. 

New divisional structure

Recognising the Group's growth in recent years, and as noted in the 2017 interim report, the Board will change the Group's management and reporting structure in 2018 to one that offers better management and market focus and greater investor clarity.  The 2017 Report and Accounts will use the current two division structure, but will include proforma information for the new three new divisions, which will serve distinct markets: Aerospace & Industrial; Laboratory; and Molten Metals. 

Acquisition

The new Laboratory division, which will focus on filtration and sample preparation products, acquired Rohasys B.V., a Dutch company, on 7 December 2017.  This small acquisition brings robotic sample handling expertise to the division, which will enhance the Group's growing bioscience sample preparation capabilities.  

Date of preliminary announcement

Porvair will announce its preliminary results for the year ended 30 November 2017 on Monday 29 January 2018.

Market Abuse Regime

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation. Upon the publication of this announcement via a regulatory information service, this inside information is now considered to be in the public domain.

Note (1)   Underlying revenue: Revenue at constant currency excluding the impact of large projects.

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 plc

Porvair is a group of specialist filtration, separation 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.  From the 2018 financial year it is organised into three divisions: Aerospace & Industrial; Laboratory; and Molten Metals.

 

END

 

 

TSTUBUNRBAAURAA