Porvair PLC Trading Update (0683H)

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RNS Number : 0683H

Porvair PLC

05 June 2017

For immediate release 5 June 2017

Porvair plc

("Porvair" or "The Group")

Trading Update

Porvair, the specialist filtration and environmental technologies group, today issues a trading update ahead of the publication of its interim results for the six months ended 31 May 2017 on Tuesday 27 June 2017.

Porvair made good progress in the period, achieving revenue growth of 7%. Profit for the period and earnings per share is expected to be ahead of the prior year, in line with management expectations.

Underlying revenue(1) was 11% ahead of the prior period. Aerospace, US industrial, Seal Analytical and Aluminium filtration all performed well. The integration of J G Finneran Associates Inc. ("JGF"), acquired on 4 April 2017, has begun and initial trading has been good. Progress towards commissioning large projects continues on track with very little revenue recognised compared with the prior period, as expected. Order books for the balance of the year are healthy.

In addition to the acquisition of JGF, investments in the period include planned capital expenditure to provide additional capacity in the UK and USA. Net cash at 31 May 2017 was close to GBP4.0 million.

On 24 May 2017, the Group agreed new banking facilities on improved terms. Barclays Bank plc and Svenska Handelsbanken AB (publ) have provided a revolving credit facility of EUR23 million for five years.

The interim results will be announced on Tuesday 27 June 2017. An analyst briefing will be held at 9.30 a.m. that day at Buchanan, 107 Cheapside, London, EC2V 6DN.

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

For more information, contact:

 
 Porvair plc 
 Ben Stocks, Chief Executive            01553 765 500 
 Chris Tyler, Group Finance Director    01553 765 500 
 
 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.

This information is provided by RNS

The company news service from the London Stock Exchange

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June 05, 2017 02:00 ET (06:00 GMT)