Porvair PLC Pre-close Trading Update and Acquisition (7434Y)
December 08 2017 - 2:00AM
UK Regulatory
TIDMPRV
RNS Number : 7434Y
Porvair PLC
08 December 2017
For immediate release 8 December 2017
Porvair PLC
Pre-close trading update and acquisition
Porvair plc ("Porvair", "the Group" or "the Company"), the
specialist filtration and environmental technologies group,
announces the following trading update and acquisition ahead of its
close period for the year ended 30 November 2017.
Trading update
Revenue growth for the year ended 30 November 2017 was 6%.
Underlying revenue(1) growth was 11% overall, with underlying
revenue growth of 13% in the Microfiltration division and 1% in the
Metals Filtration division. Earnings for the year are forecast to
be ahead of management's expectations.
Net cash at the 30 November 2017 was GBP9.7 million (2016:
GBP13.6 million), after capital and acquisition expenditure of
approximately GBP11 million. Group order books for the start of the
2018 financial year are healthy.
New divisional structure
Recognising the Group's growth in recent years, and as noted in
the 2017 interim report, the Board will change the Group's
management and reporting structure in 2018 to one that offers
better management and market focus and greater investor clarity.
The 2017 Report and Accounts will use the current two division
structure, but will include proforma information for the new three
new divisions, which will serve distinct markets: Aerospace &
Industrial; Laboratory; and Molten Metals.
Acquisition
The new Laboratory division, which will focus on filtration and
sample preparation products, acquired Rohasys B.V., a Dutch
company, on 7 December 2017. This small acquisition brings robotic
sample handling expertise to the division, which will enhance the
Group's growing bioscience sample preparation capabilities.
Date of preliminary announcement
Porvair will announce its preliminary results for the year ended
30 November 2017 on Monday 29 January 2018.
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.
Note (1) Underlying revenue: Revenue at constant currency excluding the impact of large projects.
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, separation and
environmental technologies businesses. Its products are used in a
range of niche filtration and separation markets, and are derived
from its expertise in the design and manufacture of filtration and
separation systems. From the 2018 financial year it is organised
into three divisions: Aerospace & Industrial; Laboratory; and
Molten Metals.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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