PRV Porvair Plc

TIDMPRV

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 GBP0.1 million of net cash (31 August 2018: borrowings of GBP2 million) after investing GBP6.2 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 GBP2.4 million for the acquisition of JG Finneran. Additionally, Dahlman Industrial Group B.V. was acquired on 4 September for EUR7.75 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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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September 18, 2019 02:00 ET (06:00 GMT)

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