Interim Management Statement

RNS Number : 1334O

Porvair PLC

17 September 2013

 

FOR IMMEDIATE RELEASE                                                                  17 September 2013

Porvair PLC 

Interim Management Statement

Porvair plc ("Porvair"), the specialist filtration and environmental technology group today, 17 September 2013, makes the following Interim Management Statement.

Porvair continues to trade well.  In the nine months to 31 August 2013, at constant exchange rates, revenue was 13% higher than in the first nine months of 2012. Profit before tax was ahead of current management expectation and the full year is also now expected to be ahead.  

Revenues in the Microfiltration division revenue are 24% ahead of the prior year helped by significant activity on the POSCO, Reliance Industries and UK Government contracts. As previously announced, during the third quarter the Reliance Industries contract was increased for a second time. Other markets, notably aerospace, have been growing steadily.  Seal Analytical has continued to trade well and order levels remain robust. 

Chand Eisenmann Metallurgical, acquired in June 2013, has traded satisfactorily and has made its first contribution to Group profits. Its integration is on track.

After a quieter first half, trading in the Metals Filtration division improved in the third quarter.  Revenue expectations for the full year have increased and are now expected to be broadly in line with the prior year.  An agreement has been reached with Alcoa Inc under which Metals Filtration will continue to supply all Alcoa's cast house filtration requirements globally for the next three years.  Other market share gains continue to be made.  The new plant in Wuhan, China, is substantially complete and is expected to begin production in the final quarter.

Net debt continues to be significantly lower than the prior period.

For further information, please contact:

Porvair plc	01553 765 500
Ben Stocks, Chief Executive
Chris Tyler, Group Finance Director
Buchanan	0207 466 5000
Charles Ryland / Clare Akhurst / Helen Greenwood

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.  Its principal markets are aviation, energy and industrial process, environmental laboratories and non-ferrous metals.

 

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