Trading Update and Directorate Change

RNS Number : 0153R

Porvair PLC

06 December 2016

 

For immediate release                                                                                      6 December 2016

Pre-close trading update

 and

change of Remuneration Committee Chairman

Porvair ("Porvair", "the Group" or "the Company"), the specialist filtration and environmental technologies group, makes the following announcement ahead of its close period regarding trading for the year ended 30 November 2016 and a change of Remuneration Committee Chairman.

Trading update

Revenue for the year ended 30 November 2016 was 14% higher than the prior year.  Revenue at constant currency⁽¹⁾ was approximately 8% higher.  Trading in the final quarter was strong and order books for the start of 2017 are healthy. 

As previously noted, translation gains approximately offset losses on forward currency sales such that there is expected to be little net currency impact on earnings.  Nevertheless, earnings for the full year are expected to be ahead of current market expectations.

Revenue in the Microfiltration division was 15% ahead of the prior period, 11% in constant currency.  Revenue in the Metals Filtration division was 12% ahead of the prior period, 1% higher in constant currency.

Net cash at the year end increased to over £13m.  Capital expenditure was over £4m and £2.9m was paid as an initial cash cost for the acquisition of TEM in December 2015.

Remuneration Committee Chairman

Charles Matthews, Chairman of the Company, has assumed the role of Chairman of the Remuneration Committee following the death of Dr Krishnamurthy Rajagopal.  He will serve in the role until a permanent appointment is made.

Date of preliminary announcement

Porvair will announce its preliminary results for the year ended 30 November 2016 on Monday 30 January 2017.

Note 1      Revenue at constant currency - revenues before the impact of translating overseas subsidiaries at more favourable exchange rates than the prior year.

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 products are used in a range of niche filtration markets, and are derived from its expertise in the design and manufacture of filtration systems using ceramic, metal, plastic and carbon media.  Its Seal Analytical business is a market leader in the manufacture of laboratory based water analysis equipment.

 

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