12th Apr 2016 08:44
LONDON (Alliance News) - Filtration and environmental technologies company Porvair PLC on Tuesday said it has made a good start to 2016, with revenue in both of its divisions, metal filtration and microfiltration, stronger than in the prior period.
Porvair said its underlying revenue was up 5.0% year-on-year in the first half of its financial year so far, with overall constant currency revenue growth of 14%, in line with management expectations. Porvair added both divisions had performed well, with aerospace, aluminium and bioscience filtration revenues coming in particularly strong, all ahead of the prior period.
The company said its Seal Analytical business which supplies equipment for the detection of inorganic contamination in water "continues to grow", whilst it said trading has been encouraging in its TEM Filter Co business, which it acquired in December and which manufacturers specialist filters in the US.
Porvair said it will open a new facility in the US in April, "to support the microfiltration's business in the US", and said its gasification projects are on track with commissioning of the first installation in Korea already underway.
Porvair added its order books for the balance of the year are healthy.
The company will announce its interim results for the six months ending May 31 on June 27.
Shares in Porvair were up 3.4% at 324.75 pence on Tuesday.
By Hannah Boland; [email protected]; @Hannaheboland
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