Last checked at 6 Dec 2010 07:00
For immediate release 6 December 2010
Porvair plc ("Porvair")
Trading update
Porvair, the specialist filtration and environmental technologies group, makes the following announcement regarding trading in the year ended 30 November 2010:
The Board will report results ahead of expectations for the year. Porvair continued to trade well in the final quarter of 2010. Revenues for the year, at constant exchange rates, are expected to be 15% higher than the prior year and profit before tax is expected to be well ahead of the prior year. Strong cash flows have reduced net borrowings by 30% to below £10m.
The Metals Filtration division's revenue will be over 20% higher than the prior year. Operating profit has improved significantly compared with the prior year as a result of revenue growth; the benefit of a lower cost base; and higher margins from next generation products.
The Microfiltration division's revenue growth will be around 10% higher than the prior year. Most market segments have performed in line with management expectations, with aviation filtration revenue growing steadily in the second half of the year. Sales into energy markets, both gasification and nuclear, have been strong. Seal Analytical has consolidated the gains made in 2009 and has continued to perform well in 2010.
Order books across the Group for the first quarter of 2011 are at satisfactory levels.
Porvair will be announcing its preliminary results for the year ended 30 November 2010 on Tuesday 25 January 2011.
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 / Helen Chan |
Notes to editors
Porvair plc
Porvair is a group of specialist filtration and environmental technology businesses. Its products are used in a range of niche filtration markets, and are derived from its expertise in the design and manufacture of filtration systems using ceramic, metal, plastic and carbon media. Its Seal Analytical business is a market leader in the manufacture of laboratory based water analysis equipment.