REG - Porvair PLC - Trading Update, Notice of Results and Board Change

PorvairAnnouncement

09/12/2022 07:00

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RNS Number : 1382J  Porvair PLC  09 December 2022

9 December 2022

 

 

Porvair plc

Pre-close trading update, notice of results and Board change

 

Porvair plc ("Porvair", the "Group" or the "Company"), the specialist
filtration, laboratory and environmental technology group announces a trading
update for the year ended 30 November 2022 along with its notice of results
and the appointment of a Non-Executive Director.

Pre-close trading update

Revenue for the year ended 30 November 2022 is expected to be 18% higher than
2021 on a reported basis (13% at constant currency) with all three divisions
ahead and margins sustained.

 

Adjusted earnings per share are expected to be ahead of market forecasts, with
sound underlying profitability being supplemented by favorable foreign
exchange translation.

 

Net cash at the year-end is expected to be £18.1 million (2021: £10.2
million) after capital investment, dividend payments and acquisition costs in
the year of approximately £8.0 million.

 

Fundamental drivers of demand remain in place: tightening environmental
regulation; the growth in analytical science; clean water regulation; the use
of aluminium in electric vehicles and recyclable packaging; and the drive to
reduce waste in manufacturing. Order books going into 2023 are healthy and
lead times seem to be returning to more normal levels.

 

Notice of results

Porvair will announce its preliminary results for the year ended 30 November
2022 on Monday 30 January 2023.

 

Board appointment

The Company is pleased to announce the appointment of Amitabh ("Ami") Sharma
as an independent Non-Executive Director of the Company with effect from 1
January 2023.

Ami is Group CFO of SDI Group plc.  Previously, Ami was Group CFO of Ultra
Electronics Holdings plc and prior to that was CFO of Gibbs and Dandy plc.
Ami has held senior finance roles at Senior plc and Saint Gobain Building
Distribution.  He trained at KPMG and is a Fellow of the Institute of
Chartered Accountants.

On appointment, Ami will join the Audit Committee, Remuneration Committee and
Nominations Committee of Porvair plc and will become Chairman of the Audit
Committee when, as previously announced, Jasi Halai resigns on 31 January
2023.

Porvair confirms that there are no further matters in relation to Ami Sharma's
appointment 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:

 

 Porvair plc                          01553 765 500
 Ben Stocks, 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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