Porvair PLC Trading Update and Directorate Change (0153R)
December 06 2016 - 2:00AM
UK Regulatory
TIDMPRV
RNS Number : 0153R
Porvair PLC
06 December 2016
For immediate release 6 December 2016
Pre-close trading update
and
change of Remuneration Committee Chairman
Porvair ("Porvair", "the Group" or "the Company"), the
specialist filtration and environmental technologies group, makes
the following announcement ahead of its close period regarding
trading for the year ended 30 November 2016 and a change of
Remuneration Committee Chairman.
Trading update
Revenue for the year ended 30 November 2016 was 14% higher than
the prior year. Revenue at constant currency(1) was approximately
8% higher. Trading in the final quarter was strong and order books
for the start of 2017 are healthy.
As previously noted, translation gains approximately offset
losses on forward currency sales such that there is expected to be
little net currency impact on earnings. Nevertheless, earnings for
the full year are expected to be ahead of current market
expectations.
Revenue in the Microfiltration division was 15% ahead of the
prior period, 11% in constant currency. Revenue in the Metals
Filtration division was 12% ahead of the prior period, 1% higher in
constant currency.
Net cash at the year end increased to over GBP13m. Capital
expenditure was over GBP4m and GBP2.9m was paid as an initial cash
cost for the acquisition of TEM in December 2015.
Remuneration Committee Chairman
Charles Matthews, Chairman of the Company, has assumed the role
of Chairman of the Remuneration Committee following the death of Dr
Krishnamurthy Rajagopal. He will serve in the role until a
permanent appointment is made.
Date of preliminary announcement
Porvair will announce its preliminary results for the year ended
30 November 2016 on Monday 30 January 2017.
Note 1 Revenue at constant currency - revenues before the impact
of translating overseas subsidiaries at more favourable exchange
rates than the prior year.
For further information, please contact:
01553 765
Porvair plc 500
Ben Stocks, Chief Executive
Chris Tyler, Group Finance
Director
0207 466
Buchanan Communications 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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