Porvair PLC Pre-close trading update (8153H)
December 08 2020 - 1:00AM
UK Regulatory
TIDMPRV
RNS Number : 8153H
Porvair PLC
08 December 2020
For immediate release 8 December 2020
Porvair plc
Pre-close trading update
Porvair plc ("Porvair", "the Group" or "the Company"), the
specialist filtration, laboratory and environmental technologies
group, announces the following trading update ahead of its close
period for the year ended 30 November 2020.
Pre close trading update
Priorities through 2020 have been to keep staff safe; adjust
operations to changing levels of demand; and continue to invest for
post-Covid economic recovery. Revenues for the year ended 30
November 2020 are expected to be 7% lower than 2019. Net cash at 30
November 2020 was GBP4.9 million (2019: GBP4.0 million) after
capital investment of approximately GBP5.0 million and dividends of
GBP2.3 million in the year. Adjusted operating profits are in line
with management's expectations.
Current trading
As previously announced the Group's aerospace, molten metal and
most industrial order books had reduced sharply through the middle
of the year. Costs were adjusted and the Group will charge
exceptional restructuring costs of around GBP2.0 million in the
second half.
Since July order books have been building steadily from a lower
base. The Group was consistently profitable and cash generative in
the second half, and showed sequential growth between the third and
fourth quarters. The economic outlook for aerospace and some
industrial segments remains uncertain but orders for the first
quarter of 2021 in the Laboratory division are strong. Investment
in productivity, skills and new products have continued at
pre-Covid levels throughout 2020.
Date of preliminary announcement
Porvair will announce its preliminary results for the year ended
30 November 2020 on Monday 1 February 2021.
Market Abuse Regime
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation. Upon the publication of this
announcement via a regulatory information service, this inside
information is now considered to be in the public domain.
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 / Steph Watson
Notes to editors
Porvair plc
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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