Trading Update

RNS Number : 0229Z

Porvair PLC

15 September 2015

 

For immediate release

15 September 2015

Porvair plc ("Porvair")

Trading update

Porvair plc ("Porvair"), the specialist filtration and environmental technology group today issues the following trading update for the nine months to 31 August 2015.

Porvair continued to trade well.  Underlying revenues ⁽¹⁾ for the nine months to 31 August 2015 were 9% higher than in the first nine months of 2014.  

As previously reported, there will not be a recurrence in 2015 of the unusually high revenues recognised from several large projects in 2014. Total revenues are therefore 9% lower than the prior year.  Profit before tax is in line with management's expectation.

Underlying revenues in the Microfiltration division were 13% ahead of the prior period.  Progress towards commissioning of the large projects (gasification projects for POSCO, Reliance and CNOOC and a UK nuclear remediation contract) continued as anticipated.  The Metals Filtration division traded in line with management's expectations, 1% ahead of the prior period (in constant currency: 7% below the prior period).  Order books for the final quarter are satisfactory.

New plants in the UK and USA opened in the first half.  The expansion of the China facility is on schedule and to budget.  A new facility in Ashland, VA, has been leased and is expected to be occupied by around the end of the first quarter 2016.

At 31 August 2015, the Group had a net cash of £9m (31 August 2014: net debt of £0.3m).

Note (1)   Underlying revenue: Revenue excluding the impact of large projects.

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 / Stephanie Watson

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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