Porvair PLC Pre-close trading update (3904Y)
December 01 2014 - 2:00AM
UK Regulatory
TIDMPRV
RNS Number : 3904Y
Porvair PLC
01 December 2014
For immediate release 1 December 2014
Pre-close trading update
Porvair ("Porvair" or "the Group"), the specialist filtration
and environmental technologies group, makes the following
announcement regarding trading for the year ended 30 November 2014
ahead of its close period.
Porvair has continued to trade strongly throughout the year.
Both divisions are expected to deliver record results, with revenue
for the full year up 24% (28% at constant exchange rates) and
earnings marginally ahead of current market expectations.
Strong operating cash flow has increased net cash at the year
end to around GBP5m, achieved after capital investments of GBP5m,
mostly spent on expanding manufacturing capacity to meet
demand.
As anticipated in previous announcements, Group revenue in 2014
received a one-off boost of GBP20m (2013: GBP6m) from several large
contracts, each of which is proceeding as expected. Profits on
these contracts are recognised after making appropriate allowance
for the outstanding liabilities, potential risks and warranties.
Consequently, we expect further profits to be achieved as
milestones are successfully passed over the period to 2017.
Revenue in the Microfiltration division was 34% (36% at constant
exchange rates) ahead of the prior year. Underlying revenue growth,
excluding the impact of the large projects mentioned above, was 9%
(11% at constant exchange rates). Aerospace revenue continued to
grow steadily and Seal Analytical recorded a record result for the
year.
Revenue in the Metals Filtration division was 5% (11% at
constant exchange rates) ahead of the prior year. Market share
gains continued to be made, particularly in iron foundry
filtration. The new plant in Wuhan, China, is performing as
expected and revenue from aluminium filtration in China was
strong.
The Group has adopted IAS19 Revised, Employee Benefits, in the
year ended 30 November 2014. This increases the defined benefit
pension scheme costs charged in the accounts and requires a
revision of prior years. Earnings per share for the year ended 30
November 2013, the comparative period, are restated at 12.3 pence
compared with the previously reported 12.7 pence.
Order books for the start of 2015 are healthy and the Group has
a promising pipeline of potential projects.
Porvair will announce its preliminary results for the year ended
30 November 2014 on Monday 26 January 2015.
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 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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