Last checked at 9 Dec 2022 07:00
9 December 2022
Porvair plc
Pre-close trading update, notice of results and Board change
Porvair plc ("Porvair", the "Group" or the "Company"), the specialist filtration, laboratory and environmental technology group announces a trading update for the year ended 30 November 2022 along with its notice of results and the appointment of a Non-Executive Director.
Pre-close trading update
Revenue for the year ended 30 November 2022 is expected to be 18% higher than 2021 on a reported basis (13% at constant currency) with all three divisions ahead and margins sustained.
Adjusted earnings per share are expected to be ahead of market forecasts, with sound underlying profitability being supplemented by favorable foreign exchange translation.
Net cash at the year-end is expected to be £18.1 million (2021: £10.2 million) after capital investment, dividend payments and acquisition costs in the year of approximately £8.0 million.
Fundamental drivers of demand remain in place: tightening environmental regulation; the growth in analytical science; clean water regulation; the use of aluminium in electric vehicles and recyclable packaging; and the drive to reduce waste in manufacturing. Order books going into 2023 are healthy and lead times seem to be returning to more normal levels.
Notice of results
Porvair will announce its preliminary results for the year ended 30 November 2022 on Monday 30 January 2023.
Board appointment
The Company is pleased to announce the appointment of Amitabh ("Ami") Sharma as an independent Non-Executive Director of the Company with effect from 1 January 2023.
Ami is Group CFO of SDI Group plc. Previously, Ami was Group CFO of Ultra Electronics Holdings plc and prior to that was CFO of Gibbs and Dandy plc. Ami has held senior finance roles at Senior plc and Saint Gobain Building Distribution. He trained at KPMG and is a Fellow of the Institute of Chartered Accountants.
On appointment, Ami will join the Audit Committee, Remuneration Committee and Nominations Committee of Porvair plc and will become Chairman of the Audit Committee when, as previously announced, Jasi Halai resigns on 31 January 2023.
Porvair confirms that there are no further matters in relation to Ami Sharma's appointment to be disclosed pursuant to the requirements of paragraph 9.6.13 of the Listing Rules of the UK Listing Authority.
For further information, please contact:
Porvair plc | 01553 765 500 |
Ben Stocks, Chief Executive | |
James Mills, Group Finance Director | |
Buchanan Communications | 0207 466 5000 |
Charles Ryland / Stephanie Whitmore |
Notes to Editors
Porvair is a group of specialist filtration, laboratory 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.