Last checked at 5 Jun 2017 07:00
For immediate release 5 June 2017
Porvair plc
("Porvair" or "The Group")
Trading Update
Porvair, the specialist filtration and environmental technologies group, today issues a trading update ahead of the publication of its interim results for the six months ended 31 May 2017 on Tuesday 27 June 2017.
Porvair made good progress in the period, achieving revenue growth of 7%. Profit for the period and earnings per share is expected to be ahead of the prior year, in line with management expectations.
Underlying revenue(1) was 11% ahead of the prior period. Aerospace, US industrial, Seal Analytical and Aluminium filtration all performed well. The integration of J G Finneran Associates Inc. ("JGF"), acquired on 4 April 2017, has begun and initial trading has been good. Progress towards commissioning large projects continues on track with very little revenue recognised compared with the prior period, as expected. Order books for the balance of the year are healthy.
In addition to the acquisition of JGF, investments in the period include planned capital expenditure to provide additional capacity in the UK and USA. Net cash at 31 May 2017 was close to £4.0 million.
On 24 May 2017, the Group agreed new banking facilities on improved terms. Barclays Bank plc and Svenska Handelsbanken AB (publ) have provided a revolving credit facility of €23 million for five years.
The interim results will be announced on Tuesday 27 June 2017. An analyst briefing will be held at 9.30 a.m. that day at Buchanan, 107 Cheapside, London, EC2V 6DN.
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.