Last checked at 18 Sep 2019 07:00
For immediate release 18 September 2019
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 2019.
Porvair has continued to make good progress in the nine month period, achieving revenue growth of 15%. Constant currency revenue(1) was 11% ahead of the prior nine month period. Profit before tax was in line with management's expectations.
Order books are healthy with order intake strong in the third quarter, notably in Aerospace & Industrial.
At 31 August 2019 the Group had £0.1 million of net cash (31 August 2018: borrowings of £2 million) after investing £6.2 million in acquisitions and capital expenditure in the nine month period. In the third quarter of 2019 the Group made its final earnout payment of £2.4 million for the acquisition of JG Finneran. Additionally, Dahlman Industrial Group B.V. was acquired on 4 September for €7.75 million in cash.
Note (1) Constant currency revenue: Revenue arising if overseas subsidiaries results had been translated at constant exchange rates in 2018 and 2019
For more information, contact:
Porvair plc |
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Ben Stocks, Chief Executive | 01553 765 500 |
Chris Tyler, Group Finance Director | 01553 765 500 |
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Buchanan | 0207 466 5000 |
Charles Ryland / Stephanie Watson |
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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. It operates in three divisions: Aerospace & Industrial; Laboratory; and Metal Melt Quality.