Porvair PLC
28 November 2002
For Immediate Release 28 November 2002
Porvair plc
Update on R&D programme
Porvair plc, the materials science group, today updates investors ahead of the
Group's preliminary results announcement, due 22nd January 2003 - on progress
made in the second year of its accelerated R&D activity.
In the programme specific to fuel cells, partially funded by the US Government
Department of Energy ('DoE'), phase 1 has been completed six months ahead of
schedule. The programme is concerned with developing high volume production
methods for a specific composite bi-polar plate configuration, and during phase
1 plates that exceed the required technical specification in all particulars
have been produced and undergone trials. Phase 2 of the programme, which will
run through 2003, will involve production scale-up and initial commercial
shipment of plates to customers.
The programme relating to the development of porous metal materials
('MetPoreTM') for a wide range of customers and applications has also achieved
a significant milestone in recent days. The first substantial commercial order
has been received from an international paper-making customer - for a $200,000
full scale pressure vessel lining. This particular application uses the unique
physical and mechanical properties of MetPore to withstand a pressurised and
highly corrosive environment. Installation will start in early 2003, and if the
materials work successfully for 12-14 months there is potential for substantial
further orders.
Ben Stocks, Chief Executive of Porvair plc, commented:
'As highlighted in previous announcements, Porvair's R&D expense has for 2 years
been considerable - greater than £5 million p.a. or over 7% of sales. We are
delighted therefore to be making progress well ahead of our initial plans both
in fuel cell applications, and in much wider industrial process applications.
Trading in the last two months has been as expected, and this, together with
costs taken out of US operations in recent weeks and the tremendous progress
with new materials as shown by today's announcement, gives us considerable
optimism for 2003 and beyond.'
Contacts:
Ben Stocks, Chief Executive
Mark Moran, Group Finance Director
Porvair plc 01553 761111
Charles Ryland / Catherine Miles
Buchanan Communications 020 7466 5000
This information is provided by RNS
The company news service from the London Stock Exchange
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