REG - Porvair PLC - Trading Update & Acquisition

PorvairAnnouncement

05/12/2023 07:00

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RNS Number : 6102V  Porvair PLC  05 December 2023

FOR RELEASE on 5 December at 07.00 a.m.

 
5 December 2023

 

Porvair plc ("Porvair" or the "Group")

 

Trading update for the year ended 30 November 2023 and acquisition

 

Pre-close trading update

The Group expects to deliver earnings ahead of market expectations with higher
margin on revenues likely to be similar to those of 2022. Stronger demand in
aerospace, petrochemical and water markets has been offset by de-stocking in
laboratory and industrial consumable markets.

Net cash at 30 November 2023 was approximately £14 million.

Acquisition of European Filter Corporation NV ('EFC')

On 4 December 2023 the Group acquired 100% of the share capital of EFC, a
filtration business based in Lummen, Belgium. EFC has expertise in the
manufacture of mist elimination filters used in the production of industrial
feedstocks and well established industrial filtration sales channels in north
east Europe.

 

Revenues for EFC in 2023 are expected to be around €10.5 million. It is
expected to be earnings enhancing in its first year. Following this
acquisition, the Group enters the 2024 financial year with a modest cash
surplus.

EFC will join the Group's Aerospace & Industrial division, bringing
complementary products and engineering as well as strengthening European
routes to market.

Notice of results

Porvair will announce its results for the year ended 30 November 2023 on
Monday 5 February 2024.

 

For further information, please contact:

 

 Porvair plc                           01553 765 500
 Ben Stocks, Group Chief Executive

 James Mills, Group Finance Director

 Buchanan Communications               0207 466 5000
 Charles Ryland / Stephanie Whitmore

 

Notes to Editors

Porvair is a group of specialist filtration, laboratory 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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