22 Sep 2020 07:00
For immediate release 22 September 2020
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Porvair plc
("Porvair" or the "Group")
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Nine months trading update
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Porvair, the specialist filtration and environmental technologies group, today issues a trading update for the nine months ended 31 August 2020.
Revenue for the nine-month period was 2.5% lower than the same period in 2019 (2.2% at constant currency1) despite the Covid-19 landscape. The Group remains profitable and cash generative.Â
Order books are showing year-on-year declines in the Aerospace & Industrial and Metal Melt Quality divisions, where costs have been cut commensurately.  Orders in the Laboratory division for the balance of 2020 and into 2021 are sharply higher. Â
Investment continues in skills, manufacturing capability, margin enhancement and new product development projects that will strengthen the Group as business activity improves.
At 31 August 2020, the Group had £0.4 million (31 August 2019: £0.1 million) of net cash2, after investing £3.6 million in acquisition payments and capital expenditure in the period and paying £2.3 million in dividends to shareholders in June and August 2020.
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Note (1) Constant currency revenue: Revenue arising if overseas subsidiaries results had been translated at constant exchange rates in 2019 and 2020.
Note (2) net cash excludes £14.0 million of lease obligations.
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For more information, contact:
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Porvair plc | Â |
Ben Stocks, Chief Executive | 01553 765 500 |
Chris Tyler, Group Finance Director | 01553 765 500 |
 |  |
Buchanan | 0207 466 5000 |
Charles Ryland / Stephanie Watson | Â |
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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.
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