Porvair PLC Trading update & appointment of an Independent NED (3721K)
September 21 2016 - 2:00AM
UK Regulatory
TIDMPRV
RNS Number : 3721K
Porvair PLC
21 September 2016
For immediate release 21 September 2016
Porvair plc
Nine months trading update and appointment of an Independent
Non-Executive Director
Porvair plc ("Porvair"), the specialist filtration and
environmental technology group, today issues the following trading
update for the nine months ended 31 August 2016.
Porvair continues to trade well. Revenues at constant currency
for the nine months ended 31 August 2016 were 8% higher than in the
nine months to 31 August 2015. Profit before tax was ahead of the
prior year and in line with management's expectations.
The Microfiltration division was the main contributor to growth.
Aerospace revenues are at record levels and the US acquisition,
TEM, made earlier in the year has traded well. Metals Filtration
has returned to growth in the third quarter of the year after a
slower start and production in the new facility in China is going
well.
The significant weakening of Sterling in the third quarter will
improve the Group's full year reported revenue growth but, as a
result of forward currency sales contracted early in the financial
year, is expected to have little impact on full year earnings in
2016.
At 31 August 2016, the Group had net cash of GBP6m (31 August
2015: GBP9m) with the GBP2.9m paid for the acquisition of TEM
largely accounting for the difference. Order books for the final
quarter are healthy.
The Board is pleased to announce the appointment of Sally Martin
as an Independent Non-Executive Director with effect from 1 October
2016. Sally will join the Audit Committee, Remuneration Committee
and Nominations Committee of Porvair.
Sally Martin is Vice President for Health, Safety, Security and
Environmental in the Downstream division of Shell International
Petroleum. In a thirty-year career with Shell, Sally has built a
strong track record in strategy; M&A; international business
development; and engineering and operations. She is a member of the
Chartered Institute of Electrical Engineers.
Porvair confirms that there are no further matters to be
disclosed pursuant to the requirements of paragraph 9.6.13 of the
Listing Rules of the UK Listing Authority.
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 / 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
END
MSCURVVRNKAKUAR
(END) Dow Jones Newswires
September 21, 2016 02:00 ET (06:00 GMT)
Porvair (LSE:PRV)
Historical Stock Chart
From Mar 2024 to Apr 2024
Porvair (LSE:PRV)
Historical Stock Chart
From Apr 2023 to Apr 2024