Pre-close trading update

For immediate release 7 December 2018

Porvair plc

("Porvair" or the "Group")

Pre-close trading update

Porvair plc ("Porvair", "the Group" or "the Company"), the specialist filtration and environmental technologies group, announces the following trading update ahead of its close period for the year ended 30 November 2018.

Trading update

Revenue growth for the year ended 30 November 2018 is expected to be around 10%. Underlying revenue(1) growth is expected to be around 12%, with underlying revenue growth of 18% in the Aerospace & Industrial division, 12% in the Laboratory division and 8% in the Metal Melt Quality division. Earnings for the year are forecast to be ahead of management's expectations.

Net cash at the 30 November 2018 was £6.5 million (2017: £9.8 million), after capital and acquisition expenditure of approximately £13 million. Group order books for the start of the 2019 financial year are healthy. 

Exceptional items

The Group included an exceptional tax credit of £0.8 million in its half year results relating to the impact of tax rate changes in the US on the Group's deferred tax liability.

As a result of the recent court guidance on equalising Guaranteed Minimum Pensions for men and women, the Group will make an exceptional charge of around £0.8 million (£0.6 million after tax) to reflect the increase in pension liabilities of its defined benefit pension scheme.

Date of preliminary announcement

Porvair will announce its preliminary results for the year ended 30 November 2018 on Monday 28 January 2019.

Market Abuse Regime

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation. Upon the publication of this announcement via a regulatory information service, this inside information is now considered to be in the public domain.

Note (1) Underlying revenue: Revenue at constant currency.

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Notes to editors

Porvair plc

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.