Business
AGM / Interim Management Statement
AGM / Interim Management Statement.
About this update from Porvair Plc
[{"type":"text","content":"\n \nRNS Number : 2887E Porvair PLC 05 April 2011 \n \n\nFOR IMMEDIATE RELEASE 5 April 2011\n \n \n \nAGM Statement and Interim Management Statement\nPorvair plc (\"Porvair\"), the specialist filtration and environmental technology group will today, 5 April 2011, make the following Interim Management Statement at its Annual General Meeting:\n \nPorvair has made a good start to the 2011 financial year. In the four months to 31 March 2011, revenues are around 8% higher and profit before tax is ahead of management's expectations and well ahead of the same period in the prior year. Net borrowings have reduced by £4.6m (31%) compared with the equivalent time last year. Order books have strengthened throughout the year to date.\n \nIn the Metals Filtration division sales revenues were 14% higher than the same period in the prior year. The steady recovery in the Metals Filtration business seen throughout 2010 has continued in the first four months of 2011. Aluminium customers are now fully converted to the higher margin patented Selee CS-X™ filter and market share gains are being made steadily. Conversion of customers to the Selee IC™ iron foundry filter is progressing in line with plan and the resultant improvement in margin is already evident. Sales of filters for the super-alloy market are well ahead of the prior year.\n \nIn the Microfiltration division sales revenues were 4% ahead of the same period in the prior year. A recovery in the aerospace schedules and a strong industrial filtration performance has offset a slower start from Seal Analytical. Seal Analytical has a good project pipeline and its performance is expected to improve in the coming months. The launch of its new continuous flow analyser, the AA1, in March strengthens its product offering. The Microfiltration orde...