Nine Month Trading Update

RNS Number : 1457Z

Porvair PLC

13 September 2022

 

For immediate release    13 September 2022

Porvair plc

Nine Month Trading Update

Porvair plc ("Porvair" or "the Group"), the specialist filtration, laboratory and environmental technology group, announces the following trading update for the nine months ended 31 August 2022.

The Group has performed well in the third quarter. All three divisions continue to grow on a constant currency basis and margins have been sustained. Laboratory, aluminium and most industrial filtration segments have continued to be busy over the summer months and aerospace continues to recover well.

At this stage therefore the Group's FY22 performance is in line with market expectations, supported by an aggregate order book that remains elevated - although in recent weeks some segments have seen signs that lead times, and thus order levels, are starting to return to more traditional levels. Underlying drivers of demand for the Group's products remain in place:  tightening environmental regulation; the growth in analytical science; clean water regulation; the increased use of aluminium in electric vehicles and recyclable packaging; and the drive to reduce waste in manufacturing processes.

With half of Porvair's manufacturing in the US there is little direct exposure to European gas prices. The Group is nevertheless mindful that the economic environment is volatile and is therefore cautious in its outlook. Supply dislocation, inflationary pressure and covid-related absences remain daily operational challenges but thus far, Porvair companies have navigated these well.

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For further information please contact:

Porvair plc		01553 765 500
Ben Stocks, Chief Executive
James Mills, Group Finance Director
Buchanan Communications		020 7466 5000
Charles Ryland / Steph Whitmore / George Cleary

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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