Porvair PLC Trading Update (0229Z)
September 15 2015 - 2:00AM
UK Regulatory
TIDMPRV
RNS Number : 0229Z
Porvair PLC
15 September 2015
For immediate release 15 September 2015
Porvair plc ("Porvair")
Trading update
Porvair plc ("Porvair"), the specialist filtration and
environmental technology group today issues the following trading
update for the nine months to 31 August 2015.
Porvair continued to trade well. Underlying revenues (1) for the
nine months to 31 August 2015 were 9% higher than in the first nine
months of 2014.
As previously reported, there will not be a recurrence in 2015
of the unusually high revenues recognised from several large
projects in 2014. Total revenues are therefore 9% lower than the
prior year. Profit before tax is in line with management's
expectation.
Underlying revenues in the Microfiltration division were 13%
ahead of the prior period. Progress towards commissioning of the
large projects (gasification projects for POSCO, Reliance and CNOOC
and a UK nuclear remediation contract) continued as anticipated.
The Metals Filtration division traded in line with management's
expectations, 1% ahead of the prior period (in constant currency:
7% below the prior period). Order books for the final quarter are
satisfactory.
New plants in the UK and USA opened in the first half. The
expansion of the China facility is on schedule and to budget. A new
facility in Ashland, VA, has been leased and is expected to be
occupied by around the end of the first quarter 2016.
At 31 August 2015, the Group had a net cash of GBP9m (31 August
2014: net debt of GBP0.3m).
Note (1) Underlying revenue: Revenue 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 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. Its principal markets are
aviation, energy and industrial process, environmental laboratories
and non-ferrous metals.
This information is provided by RNS
The company news service from the London Stock Exchange
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