17th Oct 2008 07:00
For immediate release
17 October 2008
Porvair plc ("Porvair" or "The Group")
Interim Management Statement
Porvair, the specialist filtration and environmental technology group, announces that it is trading in line with management's expectations for the year to 30 November 2008. Overall performance in the third quarter of the year was good and sales in September were strong.
In aggregate across the Group order books are healthy with stronger segments including aviation, nuclear and US export markets balancing some softness in certain areas such as the US domestic automotive market. Overall sales growth for the year is expected to be good with certain raw material cost increases offset by price increases to customers.
The integration of Seal Analytical is progressing well. Management resources and responsibilities have been realigned to support key elements of the integration plan, which includes cost base reduction, reinvigoration of sales and distribution and acceleration of new product development. Following the acquisition in July new three year banking facilities for the Group were put in place.
Good progress has been made in bringing new products to market, notably in the US where our new molten aluminium filter was introduced to the trade in September following almost a year of selected customer trials. Sales of this product, both substitute and incremental, are starting to grow and accounted for 10% of volume into this segment in September. Early commercial production of our energy storage component is expected to start before the end of the year on a new production line that will be commissioned shortly.
The Company will make a further announcement on trading in early December ahead of the presentation of its preliminary results on 27 January 2009.
For more information, contact:
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Porvair plc |
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Ben Stocks, Chief Executive |
01553 765 500 |
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Chris Tyler, Group Finance Director |
01553 765 500 |
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Buchanan Communications |
0207 466 5000 |
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Charles Ryland / Catherine Breen |
Notes to editors
Porvair is a group of specialist filtration and environmental technology businesses. Its products are used in a range of niche filtration markets, and are derived from its expertise in the development and manufacture of porous and microporous ceramics, metals, plastics and carbons.
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