REG - Porvair PLC - Pre-close trading update <Origin Href="QuoteRef">PORV.L</Origin>

PorvairAnnouncement

01/12/2014 07:10

RNS Number : 3904Y
Porvair PLC
01 December 2014
For immediate release 1 December 2014
Pre-close trading update 
Porvair ("Porvair" or "the Group"), the specialist filtration and environmental technologies group, makes the following announcement regarding trading for the year ended 30 November 2014 ahead of its close period.
Porvair has continued to trade strongly throughout the year. Both divisions are expected to deliver record results, with revenue for the full year up 24% (28% at constant exchange rates) and earnings marginally ahead of current market expectations. 
Strong operating cash flow has increased net cash at the year end to around 5m, achieved after capital investments of 5m, mostly spent on expanding manufacturing capacity to meet demand.
As anticipated in previous announcements, Group revenue in 2014 received a one-off boost of 20m (2013: 6m) from several large contracts, each of which is proceeding as expected. Profits on these contracts are recognised after making appropriate allowance for the outstanding liabilities, potential risks and warranties. Consequently, we expect further profits to be achieved as milestones are successfully passed over the period to 2017.
Revenue in the Microfiltration division was 34% (36% at constant exchange rates) ahead of the prior year. Underlying revenue growth, excluding the impact of the large projects mentioned above, was 9% (11% at constant exchange rates). Aerospace revenue continued to grow steadily and Seal Analytical recorded a record result for the year. 
Revenue in the Metals Filtration division was 5% (11% at constant exchange rates) ahead of the prior year. Market share gains continued to be made, particularly in iron foundry filtration. The new plant in Wuhan, China, is performing as expected and revenue from aluminium filtration in China was strong.
The Group has adopted IAS19 Revised, Employee Benefits, in the year ended 30 November 2014. This increases the defined benefit pension scheme costs charged in the accounts and requires a revision of prior years. Earnings per share for the year ended 30 November 2013, the comparative period, are restated at 12.3 pence compared with the previously reported 12.7 pence.
Order books for the start of 2015 are healthy and the Group has a promising pipeline of potential projects.
Porvair will announce its preliminary results for the year ended 30 November 2014 on Monday 26 January 2015.
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 / Steph Watson


Notes to editors
Porvair plc
Porvair is a group of specialist filtration and environmental technology businesses. Its products are used in a range of niche filtration markets, and are derived from its expertise in the design and manufacture of filtration systems using ceramic, metal, plastic and carbon media. Its Seal Analytical business is a market leader in the manufacture of laboratory based water analysis equipment.

This information is provided by RNS
The company news service from the London Stock Exchange
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