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Porvair has traded well throughout year

07 December 2015 07:45

Porvair has continued to trade well throughout the year. Underlying revenues for the year to Nov. 30, 2015, are 8% higher than the prior year and earnings are expected to be ahead of current market expectations.

Order books for the start of 2016 are healthy, it said in a trading update.

"As expected and previously reported, the unusually high revenues recognised from several large projects in the prior year were not repeated in 2015.

"Total revenues are therefore 7% lower than the prior year. Build and commissioning work for the large projects is going well.

"Underlying revenues in the Microfiltration division were 10% ahead of the prior period. Revenues in the Metals Filtration division grew 3% although, following a record prior year, in constant currency, revenues were 4% lower.

"Strong operating cash flow increased net cash above £10m at the year end, achieved despite capital investments of £4.5m, mostly spent on bringing new facilities into operation.

"New plants in the UK and USA were opened in the first half. Production in the expanded China facility has now started. Further investment in US industrial filtration capacity has started and will be complete in 2016."

ACQUISITIONS

On 4 December 2015, the Group's Microfiltration division acquired the goodwill, business and trading assets of TEM. TEM, based in Boise, Idaho, designs and manufactures filters for the microelectronics industry.

The Board sees a very good fit between this business and the Group's Microfiltration operations. The transaction, which is for cash, is expected to be modestly earnings accretive.

Porvair will announce its preliminary results for the year ended 30 November 2015 on Monday 25 January 2016.

Story provided by StockMarketWire.com

Related Company: PRV

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