16th Sep 2014 08:19
LONDON (Alliance News) - Porvair PLC said Tuesday that it has traded well in the nine months to August 31, with pretax profit coming in ahead of the previous year as it logged a higher revenue reading, boosted by strong performances in its Microfiltration and Metals Filtration divisions.
In an interim management statement the group said it has continued to trade well, with pretax profit in the nine months to August 31 "well ahead of the prior period," in line with management expectations as revenue for the period increased 32%, at constant exchange rates, on the comparable period.
The specialist filtration and environmental technology company said it Microfiltration division has performed well, with revenue up 40% ahead of the prior year. Manufacturing activity on the large Posco, Reliance Industries and UK Government contracts contributed GBP17 million to revenue during the period, said Porvair.
Aerospace revenue continued to grow steadily, said the company and Seal Analytical traded well throughout the period and "Order books for the final quarter are healthy," the company said.
The Metals Filtration division also performed well; revenue, in constant currency, was 15% ahead of the previous year. Market share gains continue to be made, particularly in iron foundry filtration, said Porvair. Its new plant in Wuhan, China, is performing as expected and revenue from aluminium filtration in China has been strong.
During the period GBP3.9 million has been invested in new facilities and additional plant to increase capacity. Porvair's new site in New Milton is on schedule to open around the end of the calendar year and construction has commenced on a plant extension in Caribou, it said.
The company also reported net debt of £0.3 million, significantly lower than at the same time last year.
In June the company reported higher profit and revenue for the first-half of its financial year, driven by three large contracts in its microfiltration unit, and said its outlook was positive.
Shares in the company were Tuesday morning trading 2.52% higher at 295.00 pence per share.
By Alice Attwood; [email protected]; @AliceAtAlliance
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