Last checked at 14 Sep 2010 07:00
FOR IMMEDIATE RELEASE 14 September 2010
Interim Management Statement
Porvair plc ("Porvair"), the specialist filtration and environmental technology group today, 14 September 2010, makes the following Interim Management Statement.
Porvair continues to trade well. In the nine months to 31 August 2010, at constant exchange rates, revenues are more than 10% higher than the prior period and profit before tax is well ahead of the prior year. Strong cash flows have reduced net borrowings significantly below the same time last year. Management now expects operating performance for the full year to be well ahead of expectations.
In the Metals Filtration division sales revenues are 20% ahead of the prior period. Operating profit has improved significantly compared with the prior period as a result of revenue growth, the benefit of a lower cost base and higher margins from the next generation products. Revenues have now remained steady for several months, but remain lower than the average monthly revenues of 2008.
In the Microfiltration division sales revenues are 10% ahead of the prior period. Revenue in aviation began to recover in the third quarter and aviation order intake during the quarter has been stronger. Other parts of the Microfiltration division continue to perform in line with expectations with order coverage for much of the final quarter's forecast revenue.
For further information, please contact:
| Porvair plc | 01553 765 500 |
| Ben Stocks, Chief Executive |
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| Chris Tyler, Group Finance Director |
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| Buchanan Communications | 0207 466 5000 |
| Charles Ryland / Helen Chan |
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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.