Porvair PLC Nine months trading update (0079B)
September 18 2018 - 1:00AM
UK Regulatory
TIDMPRV
RNS Number : 0079B
Porvair PLC
18 September 2018
For immediate release 18 September 2018
Porvair plc
("Porvair" or the "Group")
Nine months trading update
Porvair, the specialist filtration and environmental
technologies group, today issues a trading update for the nine
months ended 31 August 2018.
Porvair continued to make good progress in the nine month
period, achieving revenue growth of 8% compared with the prior
period. Underlying revenue(1) was 11% ahead of the prior nine month
period. Profit before tax was in line with management's
expectations.
The acquired Keystone Filter ("Keystone") operations have been
moved to the Group's Ashland, VA, facility and production has
started as planned.
Order books are generally healthy with order intake strong in
the third quarter, notably in Aerospace & Industrial and
Laboratory.
Net borrowings at 31 August 2018 were GBP2 million (31 August
2017: net cash of GBP4 million) after investing GBP11.7 million in
acquisitions and capital expenditure in 2018. The final
consideration payment for Keystone and the first earnout payment
for J G Finneran were paid in the quarter for a total of $4.8
million.
Note (1) Underlying revenue: Revenue at constant currency excluding the impact of large projects.
For more information, contact:
Porvair plc
Ben Stocks, Chief Executive 01553 765 500
Chris Tyler, Group Finance Director 01553 765 500
Buchanan 0207 466 5000
Charles Ryland / Stephanie Watson
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. It operates in three divisions:
Aerospace & Industrial; Laboratory; and Metal Melt Quality.
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END
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