REG - Porvair PLC - Nine months trading update

PorvairAnnouncement

18/09/2019 07:00

RNS Number : 6643M
Porvair PLC
18 September 2019
 


For immediate release                                                                                                        18 September 2019
 
Porvair plc
("Porvair" or the "Group")
 
Nine months trading update
 
Porvair, the specialist filtration and environmental technologies group, today issues a trading update for the nine months ended 31 August 2019.
Porvair has continued to make good progress in the nine month period, achieving revenue growth of 15%.  Constant currency revenue(1) was 11% ahead of the prior nine month period.  Profit before tax was in line with management's expectations.
Order books are healthy with order intake strong in the third quarter, notably in Aerospace & Industrial. 
At 31 August 2019 the Group had £0.1 million of net cash (31 August 2018: borrowings of £2 million) after investing £6.2 million in acquisitions and capital expenditure in the nine month period. In the third quarter of 2019 the Group made its final earnout payment of £2.4 million for the acquisition of JG Finneran. Additionally, Dahlman Industrial Group B.V. was acquired on 4 September for €7.75 million in cash. 
 
Note (1)   Constant currency revenue: Revenue arising if overseas subsidiaries results had been translated at constant exchange rates in 2018 and 2019
 
 
For more information, contact:
 




Porvair plc


 




Ben Stocks, Chief Executive


01553 765 500




Chris Tyler, Group Finance Director


01553 765 500




 


 




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.  It operates in three divisions: Aerospace & Industrial; Laboratory; and Metal Melt Quality.
 




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