Porvair PLC Nine months trading update (0079B)

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RNS Number : 0079B

Porvair PLC

18 September 2018

For immediate release 18 September 2018

Porvair plc

("Porvair" or the "Group")

Nine months trading update

Porvair, the specialist filtration and environmental technologies group, today issues a trading update for the nine months ended 31 August 2018.

Porvair continued to make good progress in the nine month period, achieving revenue growth of 8% compared with the prior period. Underlying revenue(1) was 11% ahead of the prior nine month period. Profit before tax was in line with management's expectations.

The acquired Keystone Filter ("Keystone") operations have been moved to the Group's Ashland, VA, facility and production has started as planned.

Order books are generally healthy with order intake strong in the third quarter, notably in Aerospace & Industrial and Laboratory.

Net borrowings at 31 August 2018 were GBP2 million (31 August 2017: net cash of GBP4 million) after investing GBP11.7 million in acquisitions and capital expenditure in 2018. The final consideration payment for Keystone and the first earnout payment for J G Finneran were paid in the quarter for a total of $4.8 million.

   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. It operates in three divisions: Aerospace & Industrial; Laboratory; and Metal Melt Quality.

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September 18, 2018 02:00 ET (06:00 GMT)