Last checked at 19 Sep 2017 07:00
For immediate release 19 September 2017
Porvair plc
("Porvair" or the "Group")
Trading Update
Porvair, the specialist filtration and environmental technologies group, today issues a trading update for the nine months ended 31 August 2017.
Porvair continued to make good progress in the nine month period, achieving revenue growth of 8%. Growth in the third quarter was in line with growth reported at the half year. Profit before tax for the nine month period was ahead of management's expectations.
Underlying revenue(1) was 13% ahead of the prior period. Aerospace, US industrial, Seal Analytical and Aluminium filtration continued to perform well. The integration of J G Finneran Associates Inc. ("JGF") is on track and trading has been good, contributing 5% to the underlying revenue growth. Progress towards commissioning Porvair's large projects continues. As expected, little revenue has been recognised compared with the prior period. Order books for the final quarter of the year are healthy across the Group.
Net cash at 31 August 2017 was close to £4 million (31 August 2016: £6 million).
Note (1) Underlying revenue: Revenue at constant currency excluding the impact of large projects.
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. Its principal markets are aviation, energy and industrial process, environmental laboratories and non-ferrous metals.