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 £6m (31 August 2015: £9m) with the £2.9m 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:
Ben Stocks, Chief Executive
Chris Tyler, Group Finance Director
01553 765 500
Charles Ryland / Stephanie Watson
0207 466 5000
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.