Pre-close trading update

RNS Number : 8153H

Porvair PLC

08 December 2020

 

For immediate release  8 December 2020

  Porvair plc 

Pre-close trading update

Porvair plc ("Porvair", "the Group" or "the Company"), the specialist filtration, laboratory and environmental technologies group, announces the following trading update ahead of its close period for the year ended 30 November 2020.

Pre close trading update

Priorities through 2020 have been to keep staff safe; adjust operations to changing levels of demand; and continue to invest for post-Covid economic recovery. Revenues for the year ended 30 November 2020 are expected to be 7% lower than 2019. Net cash at 30 November 2020 was £4.9 million (2019: £4.0 million) after capital investment of approximately £5.0 million and dividends of £2.3 million in the year. Adjusted operating profits are in line with management's expectations.

Current trading

As previously announced the Group's aerospace, molten metal and most industrial order books had reduced sharply through the middle of the year. Costs were adjusted and the Group will charge exceptional restructuring costs of around £2.0 million in the second half.

Since July order books have been building steadily from a lower base.  The Group was consistently profitable and cash generative in the second half, and showed sequential growth between the third and fourth quarters.   The economic outlook for aerospace and some industrial segments remains uncertain but orders for the first quarter of 2021 in the Laboratory division are strong. Investment in productivity, skills and new products have continued at pre-Covid levels throughout 2020.

Date of preliminary announcement

Porvair will announce its preliminary results for the year ended 30 November 2020 on Monday 1 February 2021.

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.

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 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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