Last checked at 10 Dec 2008 07:00
| For immediate release | 10 December 2008 |
Porvair plc ("Porvair" or "The Group")
Trading update
Porvair, the specialist filtration and environmental technologies group, makes the following statement about trading in the year ended 30 November 2008:
"Porvair has traded well in 2008 and will report encouraging double digit organic growth in both sales and profits in line with management's expectations. In addition, the two acquisitions made during the year have been integrated successfully.
"The most promising aspect of revenue growth in 2008 has been the significant contribution from key projects previously described to shareholders during several years of research and development.
"2008 was also a year of investment for the future, with two acquisitions and upgraded production facilities in both the UK and US. To accommodate this investment, banking arrangements for the next three years were updated and agreed in July.
"Looking ahead, Porvair is alert to the current economic climate, which presents both risks and opportunities in 2009. We believe the diversity of our customer base; the specialist nature of our technical expertise; and the fact that our products are largely consumable will offer some resilience; as will the revenues generated from a healthy new product pipeline.
"As previously reported, strong current trading in some market segments - aviation and energy for example - is balanced by some weakness in others - US automotive and industrial process. We have made what we expect to be realistic assumptions for 2009 and planned accordingly."
The Company will be announcing its preliminary results for the year ended 30 November 2008 on Tuesday 27 January 2009.
For further information, please contact:
| Porvair plc | 01553 765 500 | |
| Ben Stocks, Chief Executive | ||
| Chris Tyler, Group Finance Director |
| |
| Buchanan Communications | 0207 466 5000 | |
| Charles Ryland / Catherine Breen |