Porvair PLC
19 November 2004
19th November 2004
Porvair plc ('Porvair')
Announces disposal and trading update
Porvair today announces that it has reached agreement to dispose of its 25%
equity interest in Sympatex companies to the Ploucquet Group, owner of the other
75%. Consideration is Euro 2.1 million (£1.47 million), which is the current
carrying value of the investment and brings Porvair's gross return on investment
since 2001 (including dividends and fees) to 167%.
Porvair will receive Euro 750,000 on 30 November 2004 and Euro 1,350,000 in its
next financial year. Porvair continues to lend Euro 1.6 million to Sympatex
Marken GmbH & Co. KG with a fixed interest rate of 6% per annum.
For the year ended 30 November 2004 the Group expects its performance to be in
line with market expectations. Trading in the core filtration businesses has
been strong during the year in both the US and the UK. In the new product
development operations, bipolar plate technical milestones have been met and
initial commercial sales of porous metal products have continued to build
steadily.
Ben Stocks, Group Chief Executive said 'This disposal comes at the end of what
has been a year of good progress for Porvair. It substantially completes
Porvair's exit from its older chemical businesses, in line with stated Group
strategy.'
Ends.
Notes to Editors:
Porvair is a group of specialist filtration businesses. Its products are used in
a range of niche filtration markets, and are derived from its expertise in the
development and manufacture of porous and microporous ceramics, metals, plastics
and carbons. The Group had annual turnover of £46 million in 2003 and currently
employs over 500 people in the UK and USA.
The Sympatex companies are Sympatex Technologies GmbH, Sympatex Marken GmbH &
Co. KG and Sympatex Verwaltungs-GmbH and are part of the Ploucquet Group.
Contacts:
Ben Stocks, Group Chief Executive +1 828 694 3445
Chris Tyler, Group Finance Director +44 1553 765 500
Charles Ryland/Ben Willey, Buchanan Communications +44 207 466 5000
This information is provided by RNS
The company news service from the London Stock Exchange
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