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2 Dec 2009 07:00
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For immediate release 2 December 2009
Porvair plc ("Porvair" or "The Group")
Trading update
Porvair, the specialist filtration and environmental technologies group, makes the followingΒ update regardingΒ trading in theΒ year ended 30Β NovemberΒ 2009:
TheΒ BoardΒ expects to report results in line with expectations for the year.Β InΒ what has been a very difficult economic environment, Porvair expects toΒ not onlyΒ achieve its sales and profit targetsΒ but toΒ exceed its cash generation expectations.Β Β Net debt isΒ anticipatedΒ to beΒ better than expectations and to have reduced by over Β£2m in the year to less than Β£14.5m.
Microfiltration
The Microfiltration division, which servesΒ theΒ aviation, energy, clean water and industrialΒ markets, hasΒ continued to trade as expected. Seal Analytical, acquired in 2008, has had a good first full year in the Group;Β generatingΒ improvedΒ profitsΒ and anΒ attractiveΒ cash return. Before the impact ofΒ theΒ 2008Β Seal acquisition, like-for-likeΒ divisionalΒ salesΒ for 2009Β areΒ expected to beΒ aroundΒ 10% lower than the prior year -Β a resilient performanceΒ in challenging circumstances.Β Β The MicrofiltrationΒ divisionΒ has a goodΒ near term pipeline of orders.
Metals Filtration
As previously reported, Selee Corp., the largest part of the Metals Filtration division, underwent a severe restructuring programmeΒ in the second quarterΒ in response toΒ market demand that fell on average byΒ 35%.Β Β One-off restructuring costs were reported in the interim statement in June 2009.Β Β Since these actions,Β SeleeΒ hasΒ returned toΒ modest profitabilityΒ andΒ generatedΒ cash. In the final quarter of the year sales per day have improved, with aluminiumΒ filter demandΒ benefiting fromΒ the 80% of currentΒ customersΒ who have now switched to a newΒ proprietary filterΒ developed by Selee.Β Β
Outlook
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The Company will be announcing its preliminary results for theΒ year endedΒ 30 November 2009 on Tuesday 26 January 2010.
For further information, please contact:
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Porvair plc |
01553 765 500 |
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Ben Stocks, Chief Executive |
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Chris Tyler, Group Finance Director |
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Buchanan Communications |
0207 466 5000 |
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Charles Ryland /Β Catherine Breen |
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