REG - Porvair PLC - Nine months trading update

PorvairAnnouncement

22/09/2020 07:01

RNS Number : 6461Z
  
Porvair PLC
  
22 September 2020
  
 

For immediate release                                                                                                 22 September 2020
 
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 2020.
Revenue for the nine-month period was 2.5% lower than the same period in 2019 (2.2% at constant currency1) despite the Covid-19 landscape.  The Group remains profitable and cash generative. 
Order books are showing year-on-year declines in the Aerospace & Industrial and Metal Melt Quality divisions, where costs have been cut commensurately.  Orders in the Laboratory division for the balance of 2020 and into 2021 are sharply higher.  
Investment continues in skills, manufacturing capability, margin enhancement and new product development projects that will strengthen the Group as business activity improves.
At 31 August 2020, the Group had £0.4 million (31 August 2019: £0.1 million) of net cash2, after investing £3.6 million in acquisition payments and capital expenditure in the period and paying £2.3 million in dividends to shareholders in June and August 2020. 
 
Note (1)   Constant currency revenue: Revenue arising if overseas subsidiaries results had been translated at constant exchange rates in 2019 and 2020.
Note (2)   net cash excludes £14.0 million of lease obligations.
 
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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